The trailer also gives viewers the first glance of the programme's product-placement deal with Pepsi.
The series launches on the Fox Network in September.
The film features new judges LA Reid, Nicole Sherzinger and Paula Abdul, along with Cowell himself and 'X Factor' host and Welshman Steve Jones.
It depicts a rather more affable Cowell praising contestants rather than criticising them, accompanied by the saccharine song 'The Sun Will Come Out Tomorrow', from the musical 'Annie'.
In the style of all the best, or worst, secondary school essays, Cowell awakes to find it was all a dream.
According to Cowell, he came up with the narrative for the promo after the real situation happened as he awoke from a nightmare.
The trailer debuted in the US last night during a Major League baseball game, and is part of Cowell's strategy to dominate the US with his television product, which first aired in the UK in 2004 and regularly draws in more than 10 million viewers per episode.
The promo ends with shots of 'The X Factor' boss back to his acerbic self, driving his Bugatti Veyron and strolling from his private jet alongside Reid, Sherzinger and Abdul, with a musical accompaniment by Guns 'n' Roses performing Wings' 'Live and Let Die'.
The product-placement deal for Pepsi was announced at the end of last year and goes head to head with the product-placement deal for main rival talent show 'American Idol', currently sponsored by Coca Cola.
The US 'X Factor' has been headline news recently due to the departure of Cheryl Cole from the show, who was originally slated to join the judging panel.