Police said the pair, who are Norwegian nationals, were spotted unconscious in the water late afternoon on March 2.
Lifeguards rescued the woman along with three others in her group but were unable to revive a 69-year-old man, BBC News reports.
The 66-year-old woman remains in a critical condition.
Police believe she was related to the man who died during the accident.
Bondi, Sydney’s best-known beach, is regularly patrolled by lifeguards.