Wooldridge won Olympic gold in 2004 at the Athens games as part of Australia's team pursuit.
"Stephen was an inspirational figure in track cycling, particularly in his home state of NSW", the governing body said. He was also a Commonwealth champion in 2002.
Wooldridge was inducted into the NSW Hall of Champions in 2015.
After his retirement, Wooldridge pursued a career in tertiary education while also holding various roles within Cycling Australia and the Oceania Cycling Confederation.
James Alex Fields, Alleged Charlottesville Attacker, Appears In Court
Far-right activists flocked to Charlottesville for the rally while hundreds of anti-fascists turned up in a counter protest . He said he didn't always agree with what his daughter stood for, but he always admired her for standing up for her beliefs.
One of the cyclist's good friends and mentors, Phil Bates, penned an emotional tribute to the Olympic champion after receiving the news.
"In your lifetime, you give support, encouragement and the opportunity for young cyclists to reach their goal", Bates wrote on cycling magazine Ride's website.
"Steve will be remembered by so many for not only his success in competition, but also for the contributions he made across so many roles in the sport".
"We are better for knowing him and worse off for losing him".
Readers seeking support and information about suicide prevention can contact Lifeline on 13 11 14.
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