Emergency services were called to the boat ramp on Pitt Town Ferry Road, Wilberforce, about 9pm yesterday following reports the vessel had hit the riverbank.
A woman believed to be in her 30s died at the scene despite the best efforts of paramedics.
A 38-year-old man with minor injuries was taken to Westmead Hospital for mandatory testing.
Police looking into the circumstances of the crash seized the boat for examination.