The body of the woman – believed to be in her late 20s or early 30s – was spotted floating fully-clothed off the southern end of Bondi Beach just before 9.30pm on Saturday.
Onlookers pulled the woman from the water and tried to revive her. Police and paramedics arrived shortly afterwards but all resuscitation attempts failed as the woman was already dead.
NSW Police this morning said they were still trying to discover the identity of the woman, despite a 24-hour public appeal for information.
She is described as being of Asian appearance with short black hair. She was wearing a black short-sleeved top, black shorts, black socks and purple running shoes.
Anyone with information is urged to contact Crime Stoppers on 1800 333 000.