"Consequently, the threshold has been reached and the elections can be considered valid," commission head Sergei Nasibyan said.
Five candidates, including the National Security Service chief, a deputy foreign minister and the Communist Party leader, are running in the elections.
Incumbent President Arkady Gukasyan, whose second term is expiring in August, refused to run for a third term, although experts have said that is not prohibited by the republic's Constitution.
A candidate receiving at least 50% of the votes will be elected president. If no one does, the two leading candidates will meet in a second round two weeks from now.
Azerbaijan's Foreign Ministry condemned the election as an attempt to cover up Armenia's policy aimed at occupying and annexing Azeri territories.
The ministry said the election was held in breach of Azerbaijan's Constitution and international law, as it disenfranchised the Azeri community of Nagorny Karabakh.
The conflict over Nagorny Karabakh, a region in Azerbaijan with a largely Armenian population, first erupted in 1988 when it declared independence from Azerbaijan and moved to join Armenia.
Over 30,000 people were killed on both sides between 1988 and 1994, and over 100 died following a 1994 ceasefire.
Nagorny Karabakh remained in Armenian hands, but tensions between Azerbaijan and Armenia have persisted, and Azerbaijan remains determined to restore its control over the separatist region.
Anne Derse, the United States Ambassador to Azerbaijan, said the U.S. government recognized neither the election nor the republic's independence.
Similar statements of non-recognition have been issued by Rene van der Linden, the president of the Parliamentary Assembly of the Council of Europe, the Organization for Security and Cooperation in Europe, the European Union, the Council of Ministers of the GUAM, an organization of four former Soviet republics - Georgia, Ukraine, Azerbaijan and Moldova - and Turkey's government.
