Schulz said he was postponing the vote because more than 200 amendments and requests for split or separate votes had been put forward. He asked the Committee on International Trade to meet to consider those amendments and requests.
Committee on International Trade chairman Bernd Lange said: "We respect President Schulz's decision and will continue the work on the TTIP-resolution in the Trade Committee. We will use the additional time we gained to work towards reaching a stable majority for the TTIP-resolution. The EP can only come forward with a strong message for the TTIP negotiators if our resolution is supported by a broad majority."
The EP Committee on International Trade next meets on 15-16 June in Brussels.
Talks between the EU and US representatives on the contents of the TTIP began in July 2013. The Commission has said TTIP is aimed at "removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US".
In addition to TTIP, EU negotiators are also engaged in discussions with the US and a number of other countries, including Australia, Canada and South Korea, about another prospective trade deal, the Trade in Services Agreement (TISA).
Labour MEPs are disappointed by the postponement, Labour in Europe said in a statement.
Jude Kirton-Darling MEP, said: "We are deeply disappointed by the decision to postpone tomorrow's vote on TTIP. MEPs have been denied the chance to vote for our amendments and the European Parliament will have to wait to put its position on the record."