Constable Sam Davidson, of Northland police Search and Rescue, said the woman was located, cold but in good spirits, about 400m off the track at 12.20am on Thursday.
The police Eagle helicopter, which is equipped with an infrared camera, was deployed but reached the search area just as she was found.
Conditions were good but it was a cool night, about 10C, and she was “pretty happy” to be found.
She was able to walk out to safety.
Davidson said the woman made good decisions including opting to stay put when she found a clearing.
Her description of the location helped locals identify where she was.
Police were grateful to the Far North Search and Rescue volunteers for their time and expertise, he said.
The terrain in Waimā Forest is rugged and tracks are challenging due to mud, dense bush and tree windfalls. It also boasts the highest peak in Northland, the 781-metre Te Raupua.