My understanding is that the display drivers need to be able to talk to the G-Sync module, and AMD's drivers naturally would not be able to talk to an Nvidia product. So while the method used by Nvidia is standards-based, it's still a proprietary module that only talks with Nvidia products.
AMD is purportedly working on a "response" to G-Sync, but quite frankly I doubt they're going to just pull something out that's as good or better. If it was that easy, it would have been done years ago.
There is specific hardware in Kepler that is needed for G-Sync.
Just like G-Sync should "have been done years ago..."