The former defence minister is suing Ms Higgins and David Sharaz over a series of social media posts that she says have damaged her reputation.
The parties are scheduled to enter mediation in Perth on March 5, with an extra half day scheduled should they need it.
The details about how the mediation will take place are still to be decided.
Justice Marcus Solomon told the parties during the informal hearing in the West Australian Supreme Court on Wednesday that he was happy to preside over the meeting but it would mean he would not be able to hear the trial if it failed.
He also said another judge or registrar could be found and suggested the parties could enter private mediation.
Justice Solomon also repeated his concerns about the "human cost" a trial could have on the parties if the mediation was unsuccessful and the matter progressed.
"I've made some comments before about the desirability for this matter to be settled," he told the planning meeting.
"I have not shifted one iota from that view and in fact being present here enforces the importance of settlement."
A trial was also provisionally set down for July 24 with six weeks allotted.
Senator Reynolds' lawyer Martin Bennett said his client had parliamentary commitments in Canberra during some of that period.
He also detailed five subpoenas that have been sent to Network 10, Senator Katy Gallager, television presenter and journalist Lisa Wilkinson, producer Angus Llewellyn and journalist Samantha Maiden.
Senator Renyold's legal team wants the full tape and details of what was said in the infamous meeting for The Project program.
The parties also discussed how Senator Reynolds' cases against Ms Higgins and Mr Sharaz could be joined but the details were not finalised.
Mr Sharaz's lawyer Jason MacLaurin and Ms Higgins' lawyer Nicholas Owens also didn't rule out applying to have the matter transferred to the ACT where the the defamations laws could be more favourable.
Senator Reynolds is suing Mr Sharaz over tweets he made and a Facebook comment in 2022.
Among the defamatory imputations claimed against Mr Sharaz's tweets were that Senator Reynolds pressured Ms Higgins not to proceed with a genuine complaint to police, "is a hypocrite in her advocacy for women's interests and empowerment", interfered in Mr Lehrmann's trial and bullied Ms Higgins.
Senator Reynolds claims she was also defamed by Mr Sharaz's reply to a comment on her Facebook page that asked how she was still in politics having "destroyed" Ms Higgins.
The commenter added, "You're a monster who deserves to be in jail".
Mr Sharaz responded: "Thanks for reminding her. I hope she hears this every day until she dies", the senator's statement of claim says.
Ms Higgins is accused of posting defamatory material on two occasions on her Instagram and Twitter accounts.
Ms Higgins alleged she was raped in 2019 by Bruce Lehrmann inside the ministerial office of Senator Reynolds, where he also worked as a staffer.
Mr Lehrmann consistently denied the allegation, and his trial in the ACT Supreme Court was derailed by juror misconduct.
Prosecutors decided not to pursue further action, citing concerns of the impact it may have on Ms Higgins' mental health.
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