The resolution said the 47-member body is "alarmed" by statements and reports of grave violations against the Rohingya that have been carried out in a "systematic, targeted and deliberate" way by security forces with the help of unspecified "non-state actors".
It is estimated that more than 600,000 Rohingya have fled to neighbouring Bangladesh to escape the violence which has been escalating since the summer.
Mainly Buddhist Myanmar denies the Muslim Rohingya are its citizens and considers them foreigners.
Myanmar's ambassador, Htin Lynn, said his government was working with Bangladesh to ensure returns of the displaced in about two months and "there will be no camps".
Marzuki Darusman, who heads a council-mandated fact-finding mission on Myanmar that has received no access to the troubled state of Rakhine where many Rohingya once lived, chronicled a litany of allegations including the rape of young girls - some burnt to death or with their throats slit - and the mutilation of victims.
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The United Nations human rights chief has said an act of genocide against Rohingya Muslims by state forces in Myanmar can not be ruled out. Myanmar's army says it has been targeting Rohingya militants. He referred to allegations of killings by grenades, shootings at close range, stabbings and "the burning of houses with families inside".
Addressing the Human Rights Council on Tuesday, Zeid said United Nations investigators have received "concordant reports of acts of appalling barbarity committed against the Rohingya" during a military crackdown in Rakhine state in August.
The rights chief then asked: "Considering Rohingyas' self-identify as a distinct ethnic group with their own language and culture - and [that they] are also deemed by the perpetrators themselves as belonging to a different ethnic, national, racial or religious group - given all of this, can anyone rule out that elements of genocide may be present?"
"More than 30,000 host community members now have access to safe water and sanitation services", he said. A draft resolution urges Zeid's office to report on cooperation between Myanmar's government with United Nations rights monitors.