The roundabout at the bottom of Anderson Drive is a bottleneck.
Transport Minister Keith Brown urged local residents and road users to have their say on the proposals.
Any work on the Haudagain roundabout would not get under way until 2018 when construction of the Aberdeen bypass is complete.
Mr Brown said: "The bottleneck at Haudagain has caused congestion for motorists using the A90 for many years.
"This option, which is the original preferred option, will provide the best journey time savings, reducing congestion and the risk of accidents.
"It will also provide safe crossing points for pedestrians and cyclists.
"We will consider all comments made as we further develop our proposals for Haudagain with a view to publishing draft orders in summer 2015 so that we are ready to start work in spring 2018."
The exhibition opened at the Lord Provost Henry E Rae Community Centre at noon, and continues on Friday.
Meanwhile, Transport Scotland said three tenders had now been received for the contract to build the Aberdeen bypass.
Plans to improve the notorious Haudagain roundabout in Aberdeen with a new dual carriageway link have gone on show.