Decision diagrams are often used for efficient representation of discrete functions in terms of needed storage space and processing time. In this paper, we propose an XML (Extensible Markup Language) based standard for the structural description of various types of decision diagrams. The proposed standard describes elements of the structure common to various types of decision diagrams. It also provides facilities for storing additional information, specific to particular types of decision diagrams. Properties of XML enable us to define a standard that is flexible enough to be applicable to various existing types of decision diagrams as well as new types that could be defined in the future. The existence of such a standard permits efficient storage and exchange of data in decision diagram form between various software systems. In this way, it supports benchmarking, testing and verification of various procedures using decision diagrams as a basic data structure.