Rangelands Restoration Act of 1993 - Amends the Federal Land Policy and Management Act of 1976 to require the Secretary of the Interior or the Secretary of Agriculture, as appropriate, to determine fees for livestock grazing based on the private grazing land lease rate established by the National Agricultural Statistics Service for the six pricing areas in the 16 contiguous western States. Requires the receipts from such fees to cover the costs to the Federal Government of administering livestock grazing activities. Directs the appropriate Secretary to establish a program to provide for stewardship incentive credits against such fees for permit holders who maintain ecologically healthy rangelands. Makes a permit holder eligible to participate in the program if: (1) he has held a grazing permit or lease for the allotment to which the credit will apply for at least five years; and (2) an ecological site inventory has been completed. Reduces grazing fees by up to 50 percent, provided that certain conditions reflecting potential natural vegetation on an allotment are met. Requires funds from livestock grazing fees under this and other laws to be used for: (1) the restoration and enhancement of fish and wildlife habitats and riparian areas; and (2) the implementation and enforcement of allotment plans and regulations regarding the use of lands for grazing. Authorizes appropriations. Sets forth conditions for the issuance and contents of grazing permits. Makes permits effective for ten years, but authorizes shorter terms if: (1) the lands are pending disposal or will be devoted to public purpose or designated unsuitable for grazing prior to the end of ten years; or (2) it is in the best interest of land management. Requires permits to be consistent with certain management objectives, including: (1) an improving trend toward natural vegetation; (2) properly functioning riparian systems; (3) the meeting of water quality standards and land use plan requirements; and (4) the support of indigenous plants, fish, and wildlife. Authorizes permit cancellations, suspensions, or modifications, as appropriate. Permits the appropriate Secretary to enter into allotment management plans with permit holders to achieve management objectives. Requires all actions taken in the review and issuance of permits to be consistent with specified riparian restoration goals. Prohibits subleasing with respect to a right granted by a grazing permit. Imposes penalties on persons who knowingly sublease. Terminates permits upon the voluntary or involuntary transfer of lands subject to grazing preferences or upon the death of the permit holder. Provides for continued grazing on such lands for limited periods, subject to certain conditions. Requires the appropriate Secretary to conduct a review of all Federal lands available for grazing within the 16 contiguous western States to determine the suitability of lands for grazing. Designates an area as unsuitable for grazing if: (1) the existing natural vegetation on the allotment is not sustainable if grazing is permitted; (2) grazing is causing an adverse impact on riparian areas, Native American cultural artifacts, natural systems, or biological resources on Federal lands; or (3) specified management objectives cannot be met if grazing is permitted. Authorizes petitions for the designation of areas as unsuitable or to revoke unsuitability designations. Requires the cancellation of permits in unsuitable areas. Provides compensation to holders of cancelled permits.