The German tourist was also seriously injured in the crash, which occurred at around 3pm on Thursday.
The Swede was flown by helicopter to a nearby hospital in Zell am See but later died from her injuries.
The 41-year-old German is being treated for concussion and other injuries.
Austrian authorities have not yet been able to provide an explanation for the violent nature of the collision between the two downhill skiers.
Police are seeking to make contact with a German tourist believed to have caught the entire incident on video.