Weaving the Courtyard was created for the museum's 2016 Young Architects Program (YAP) and opened last month.
Architects Lazbent Pavel Escobedo and Andrés Soliz described their installation as "neither an object nor a sculpture standing in the courtyard, but a series of simple, powerful actions that generate new and different atmospheres".
They used existing holes – made by concrete formwork ties when the courtyard's walls were poured – as points to string the colourful canopy from.
Vivid pink, orange, yellow and green strands contrast with each other, forming what the designers call a "cloud of ropes".
"Variations of density are visible throughout the weaving, inviting visitors to interact and occupy spaces for different periods of time," said MoMA PS1.
Coloured rope is a popular choice for architects and designers creating temporary installations, as it can be easily manipulated to create a variety of forms.
Escobedo Soliz's web is designed to provide shade across the open space. A reflective wading pool at the back of the courtyard allows visitors to cool off in fresh water, while a mist room provides additional heat relief.
The majority of the materials used for the construction will be reused by local companies once the installation is disassembled.
Escobedo Soliz was founded in 2011 and is based in Mexico City. The studio was selected as this year's YAP winner from a shortlist of five teams from the US and Mexico.
Weaving the Courtyard will remain on view until 21 August 2016. It is the 17th edition of YAP – a joint initiative between sister institutions MoMA and MoMA PS1.