The annual competition, which is open to full-time students in Europe, will take place at next year's Gadget Show Live exhibition.
Participants can win an Unreal Engine 4 licence by pitching game ideas based on the theme of Mendelian inheritance, which spans concepts such as variation, mutation and other behaviours of the human genome.
Entrants have until November 2 to pitch their ideas, after which, shortlisted candidates will use Epic's Unreal Development Kit to create PC versions of their ideas.
Four finalist teams will be given the opportunity to work on their demos in front of the public during the Gadget Show Live event next April, offering progress reports twice daily.
"The competition enables tomorrow's stars to gain experience in every aspect of game development, from generating original ideas through to the pitch process, right up to a vertical slice of the gameplay experience," Epic manager Mike Gamble explained.
Users can find out more by visiting the Unreal Engine resource site and downloading a briefing document.
Earlier this year, Epic Games suggested that the first game to use Unreal Engine 4 will be released next year.
The engine has been in development since 2003, and will target next generation consoles.
Screenshot gallery - Unreal Engine 4 in action:
Copyright: Epic Games