Australia came from behind to defeat Korea Republic 2-1 thanks to goals from Lisa De Vanna and Tameka Butt - but the Matildas missed out on a place at the 2012 Olympic games.
Korea DPR's 5-0 victory over Thailand saw Japan and the North Koreas qualify, meaning the Matildas finish third with three wins and two defeats from their five games.
Korea Republic went ahead on 27 minutes, but the Matildas hit back through substitute De Vanna, who netted on 63 minutes after Servet Uzunlar's shot was blocked by the Korea Republic goalkeeper.
Another substitute, Butt, netted what would prove to be the winner 14 minutes from time, leaving coach Tom Sermanni pleased with his side's spirit.
"It was a very difficult and competitive match today," Sermanni said.
"I was very proud of the effort and the character our players showed to come back in the second half to win the game.
"When you consider we lost two of the first three games, the tournament could easily have gotten away from us and been a non-event.
"The way that we’ve come back demonstrates the character of this group of players."
Despite missing out on Olympic qualification, Sermanni said he was proud of the team's strong finish to the tournament.
"If you look at all the games in this tournament, I don't think a team has come from behind to win," he said.
"At the last game in the Women's World Cup, we had a fully fit squad. This tournament, we've been the walking wounded with two players definitely ruled out and at least three more less than injury free, so we were really limited.
"I'm proud of how the players rallied. They left nothing on the pitch."
London 2012 has given women's football in the UK an 'unprecedented platform' on which to create a lasting legacy, according to the Football Association's head of national game Kelly Simmons.