The GMB and Unite unions said they had paused the industrial action after "significant progress has been made".
The GMB's Nathan Holman said no extra money had been offered, but talks on terms and conditions had been held.
The Welsh government welcomed the pausing of the strike action, while the GMB added that ministers and unions would resume talks on Monday.
More than half of Wales' ambulance workers went on strike in a continued dispute over pay and working conditions in February, with Unite and GMB members both walking out.
The GMB wrote on Twitter that the decision to suspend Monday's action came after "positive and intensive" negotiations on Friday.
"This means that on Monday, members should return to work as normal," it said.
"We did not take the decision to call off strike action lightly and no suspension of future action has been agreed by us or Unite at this stage."
Another strike was previously announced for 10 March.
Unite said there had been "significant progress" in talks with the Welsh government and calling off Monday's strike would "facilitate the continuation of these discussions".
Previous action came after ambulance staff rejected a Welsh government pay offer of 3% for 2022-23.
At the time, Unite's Richard Munn said the offer was "not good enough" for workers who were at "breaking point".
The offer was on top of the average 4.5% paid to health workers last autumn.