As reported in "A Brief History of the Association for Women in Mathematics: The Presidents' Perspectives", by Lenore Blum:[1] As Judy Green remembers (and Chandler Davis, early AWM friend, concurs): The formal idea of women getting together and forming a caucus was first made publicly at a MAG [Mathematics Action Group] meeting in 1971 ... in Atlantic City.
Joanne Darken, then an instructor at Temple University and now at the Community College of Philadelphia, stood up at the meeting and suggested that the women present remain and form a caucus.
I have been able to document six women who remained: me (I was a graduate student at Maryland at the time), Joanne Darken, Mary Gray (she was already at American University), Diane Laison (then an instructor at Temple), Gloria Olive (a Senior Lecturer at the University of Otago, New Zealand who was visiting the U.S. at the time) and Annie Selden...
The newsletter is now open access and anyone can read or download a pdf file of recent or past issues from the AWM website.
[4] The AWM Fellows program recognizes "individuals who have demonstrated a sustained commitment to the support and advancement of women in the mathematical sciences".