The move comes just months after the former X Factor contestant unveiled her debut solo single.
"I have put a band together - we are called Red Velvet Lovers," Waissel told the Daily Record.
"It's a proper band, it's not Katie and the whatever. There's my drummer, bass player, guitarist and me - a real rock 'n' roll band. Even before The X Factor, I was singing and songwriting for as long as I can remember.
"Performing with a band is something I have always wanted. It has always been in my heart. I have an amazing opportunity because of The X Factor so I thought, 'Why not try to do it now?'"
However, the singer-songwriter insisted that she doesn't want to use her name to gain the band attention, adding that the band will have an equal and unified identity.
"I know the label will be fighting me for it to be Katie And The Red Velvet Lovers but we're not doing that - we have our name," she explained.
"For me, this band is really where my heart is and the boys are so talented. Yes, I have come out of such a great show with a great platform but when you say you're a band, you have to be together and do it properly."
Waissel also cited a list of alternative rock and pop acts as her band's main influences, stating: "We are very highly influenced by Transvision Vamp, Joan Jett And The Black Hearts, a bit of Blondie, a bit of No Doubt.
"It will still be mainstream but we will push the boundaries a bit."
The 24-year-old star recently admitted that she would love a duet with rockers System Of A Down.
> X Factor Katie Waissel making 'dirty, sexy' album
Watch Digital Spy's recent interview with Katie Waissel below: