The 15-member council "called for the holding of a free and fair presidential election in conformity with the Lebanese constitutional norms and schedules and without any foreign interference," it said in a statement.
The top UN body further called for the election to be held in "an atmosphere free of violence, fear and intimidation, in particular against the representatives of the Lebanese people and institutions."
Lebanon's parliament on Tuesday adjourned until October 23 a crucial session to elect a new president for lack of a quorum and to allow more time for lawmakers to reach agreement on a consensus candidate.
But fears are running high that the deadlock over the presidency could lead to two rival governments, a grim reminder of the final years of the 1975-1990 civil war when two competing administrations battled it out.
The Security Council "took note of the decision to convene the next session of the Lebanese parliament on 23 October and looked forward for the parliament to proceed as appropriate to the election of the president," it added.
Egypt, France, Saudi Arabia and the Arab League had called earlier Thursday for the election to be held within the timeframe set out by the constitution.
The four-week delay in electing a new president was seen by both the government and opposition as a last chance to prevent an escalation of the political crisis in Beirut.
A two-thirds majority of the 127-strong parliament is required for a candidate to be elected by parliament in a first round of voting to replace the current pro-Syrian President Emile Lahoud, whose terms ends in November.
In the event of a second round a simple majority suffices.
Most of the 58 MPs from the Hezbollah-led opposition boycotted Tuesday's session on the grounds that the feuding political parties had failed to agree on a consensus candidate to replace Lahoud.
MPs from the ruling majority have made clear they plan to go ahead with a vote when lawmakers reconvene in October even if no agreement has been struck.
Prime Minister Fuad Siniora's government has been paralyzed since opposition forces withdrew their six ministers from the cabinet in November 2006 in a bid to gain more representation in cabinet.
Tuesday's session came in a tense atmosphere after the assassination last week of MP Antoine Ghanem from the ruling coalition, the sixth deputy from the anti-Syrian camp killed since 2005.
Tags: Constitution, Elections, March 14 Alliance, Opposition, Parliament, President, Security Council, UN