Nobel peace laureate Aung San Suu Kyi's party won a landslide victory in 1990 elections but the regime never let it take office. Critics say the 2010 polls are a sham aimed at entrenching the military's power.
NLD chairman Aung Shwe said in an opening speech that the meeting would discuss the "political situation prevailing in the country" and an army-backed constitution approved in May 2008, under which the vote will be held.
"The result of the discussions will decide whether the NLD will participate in the upcoming national elections," Aung Shwe told the meeting, which was attended by several western diplomats.
He said the NLD wanted a commission of people's representatives to review the constitution, the approval of which came just days after Cyclone Nargis lashed Myanmar last May and left 138,000 people dead or missing.
"The present draft constitution has many flaws. The constitution's main objective is for the propagation of perpetual military rule in this country and therefore is not acceptable," Aung Shwe said.
Party officials said a decision on the elections was likely on Wednesday.
Around 50 security officers in plainclothes were deployed at the party's headquarters. Some filmed or photographed people as they arrived.
The military, which has ruled impoverished Myanmar since 1962, has announced the polls next year under its so-called "roadmap to democracy". Diplomats say the junta may be aiming for a date in March 2010.
The NLD meeting comes a day after the European Union extended sanctions against Myanmar for another year, but said they were ready to ease them and hold talks if there was democratic progress.
The United Nations also has tough sanctions in place against Myanmar, which was formerly known as Burma.
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