The company reports affected vehicles may have reduced clearance between the battery cable wiring loom and the exhaust manifold.
If the condition occurs, the wiring loom could contact the manifold and short circuit, potentially causing an under-bonnet fire.
Ford says no fire incidents have been reported in Australia.
The affected V8-powered Mustangs were built from 27 May 2015 through 1 March 2016.
Owners of the recalled vehicles will be notified via mail, and are encouraged to visit their local Ford dealer for inspection and repair.
For more information, contact 1800 503 672.