Northern Territory Police said in a statement the body is "believed to be that of Claire Hockridge".
Formal identification will take place and the case will be referred to the Coroner, officers said.
Two of Ms Hockridge's companions were found alive earlier this week after extensive search efforts.
The trio became stranded after taking a wrong turn in the outback and managing to get their vehicle stuck in a riverbed.
They stayed there for several days, digging into sand below the vehicle to shelter from the sun and surviving on minimal rations.
Tamra McBeath and Phu Tran were both found dehydrated in the scorching temperatures as they attempted to find help.
Northern Territory Police said Mr Tran was found by a farmer on a livestock station south of Alice Springs, one of Australia's most remote towns.
Ms McBeath, who was the first to be found, said she had been forced to drink from a cow watering hole to survive her fortnight-long ordeal.
Daytime temperatures in the Australian outback often exceed 40C (104F), with temperatures plummeting after sundown.
Despite it being six times the size of the United Kingdom, only 211,000 people are thought to live in the Northern Territory of Australia, making it the country's most sparsely population region.