Barr, who rose to fame in the '90s with her sitcom Roseanne, has joined the Peace And Freedom Party after an earlier bid to become the Green Party's nominee was unsuccessful.
According to the Peace And Freedom Party party's website, the organisation was founded in 1967 and advocates free education, abortion on demand and "is committed to socialism, democracy, ecology, feminism and racial equality".
The comedian's vice presidential running mate is anti-war activist Cindy Sheehan. She will accompany the 59-year-old to the party's convention in Los Angeles this weekend, where they will face four other presidential hopefuls.
Barr, who now farms macadamia nuts in Hawaii and last year featured in a reality TV show called Roseanne's Nuts, has also updated her website, roseanneforpresident2012.org, to reflect her Peace and Freedom nomination.
The page describes her as "a mother, grandmother, activist, leader, feminist, and successful business woman that is addressing the concerns of the 99%" and refers to her as "the lone voice of courage and reason who is unstoppable as she holds corporate-funded politicians' feet to the fire".
Barr's manifesto details her aims to "[legalise] marijuana as the way to end all drug wars", "[oppose] US war support for Israel and [support] the right of the Palestinian people to have the occupied territories returned to them" and "[bring] down bankers and the Federal Reserve who "have stolen our money, our future... and continue to enslave us with a broken monetary system".
As well as promising equal rights for all, she proposes to cancel all student loans, create new Green jobs and preserve the USA's natural water sources.