A search team had to hike for several hours before they could reach her body before transferring it to a nearby hospital.
Trolltunga is a rock formation 700 metres above lake Ringedalsvatnet in Norway's south west.
Ms Kafcaloudis had just moved to Norway from Melbourne last month to study music and cultural studies at the University of Bergen.
It's understood Ms Kafcaloudis slipped as she was preparing to pose for a photo with classmates from the university.
The university's Rector, Dag Rune Olsen, told NKR that Ms Kafcaloudis's death was 'tragic'.
'We are terribly sorry about the tragic outcome of this accident. My thoughts are with the family, the parents and close relatives of the student,' he said.
'Many of our students come here because they like being in nature, and they travel in Norway. We think that's good, but there are also risks. Maybe we need to inform our students of these risks to a greater extent than before.'
- Daily Mail