The network would appeal to women aged 25 to 45, and allow members to share photographs, scrapbooks, recipes and similar projects with each other and home design experts, said the company's chief executive, Susan Lyne.
"There is no place like MySpace, like Friendster, for that demographic," Lyne said at a financial conference.
The social network would be part of the Marthastewart.com Web site, founded by lifestyle expert Martha Stewart, rather than a separate Web site like MySpace.
The community is tentatively scheduled to launch in the second half of 2007, spokeswoman Elizabeth Estroff said.
Social networking and other types of online communities are becoming more interesting to investors following the success of MySpace, which Rupert Murdoch's News Corp. (NWS) bought last July for $580 million.
MySpace boasts more than 56 million members, many in their teens and 20s. It has prompted the launch of competing sites, such as JibJab Media's JokeBox.com and Sisterwoman.com, which is designed for women over 21.
MySpace.com is owned and operated by News Corporation, which also owns and operates FOXNews.com.