National Advanced Research Projects Agency Act of 1992

National Advanced Research Projects Agency Act of 1992 - Renames the Defense Advanced Research Projects Agency as the National Advanced Research Projects Agency. Establishes an interagency executive committee to advise the Secretary of Defense and the Agency Director regarding policies, priorities, and programs.

Empowers the Agency as the central research and development (R&D) organization of the Department of Defense (DOD) with the primary responsibility of maintaining the technological superiority of the United States over its potential adversaries. Directs the Agency to: (1) pursue R&D projects having significant potential for both military and civilian applications, as well as projects having solely military applications; (2) support and stimulate a national technology base that serves both military and civilian purposes and increases the productivity of each sector; (3) pursue R&D having the potential for scientific breakthroughs and revolutionary approaches for improved cost and performance of advanced technology having future military and civilian applications; (4) manage and direct the conduct of R&D of any other advanced technology that can be applied to increase the ability of a department or agency to attain its mission objectives; and (5) stimulate increased emphasis on the prototyping of defense systems and subsystems.

Requires the Agency Director to enter into cooperative agreements and other transactions with private sector firms for R&D, especially R&D of advanced technologies with the potential for having both commercial and defense applications. Requires the Director to ensure participation in such cooperative agreements of private sector firms that have not had a significant level of involvement in R&D activities of DOD.

Authorizes the head of a Federal department or agency to transfer funds to the Agency to carry out R&D requested by such department or agency.

Provides the Federal pay rates for the Director of Defense Research and Engineering and the Agency Director.