UEFA general secretary Gianni Infantino led the first round with 88 votes, followed by Sheikh Salman Bin Ebrahim Al Khalifa with 85, Prince Ali Bin Al Hussein of Jordan with 27, and former FIFA executive Jerome Champagne of France with seven.
Infantino fell 50 votes short of securing election in the first ballot. In the second round of voting, only a simple majority is needed to win the election, and voters are allowed to change their selections.
There are 207 total votes, with Kuwait and Indonesia banned from voting while serving a FIFA suspension, meaning 104 will now be necessary to secure the election.
The winner will succeed Sepp Blatter, who is serving a six-year ban from football. He announced his resignation last June before a corruption scandal engulfed the organisation in May.
Arguably Sheikh Salman's biggest rival for the post, UEFA president Michel Platini, was barred from running after he was banned from all football-related activity by FIFA over a two million Swiss franc ($2m, £1.35m) "disloyal payment" made to him by Blatter. Infantino then replaced him on the ballot.
Platini and Blatter had their initial eight-year suspensions reduced to six by FIFA's Appeals Committee, although both men are expected to take their battle to the Court of Arbitration for Sport (CAS).
Law enforcement agencies from Switzerland and the United States are both conducting large-scale investigations into the systemic corruption of Blatter's tenure.
Earlier on Friday, FIFA members voted in favour of proposed reforms to address issues of governance, accountability, transparency and diversity.
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