Steffi Graf defeated Arantxa Sánchez Vicario in the final, 6–0, 6–2 to win the women's singles tennis title at the 1994 Australian Open.

With the win, Graf achieved a non-calendar-year Grand Slam, dubbed the 'Steffi Slam'.

This was the second time in her career that she won four consecutive majors, after achieving the Grand Slam in 1988.

For the third time in her career, Graf did not lose a set during the tournament.

Monica Seles was the three-time reigning champion, but did not participate due to her stabbing in April 1993.