UPDATE: A 53-year-old woman has been transported to Wangaratta hospital with a leg injury after being removed from the gorge near Woolshed Falls.
An Ambulance Victoria spokeswoman said the woman was in a stable condition.
She had slipped and fell while walking and did not have her phone on her to raise the alarm.
The woman was found by passersby on Friday morning, which led to the rescue operation.
It was estimated she fell about 25 metres.
Beechworth police Sergeant Mal Clarke said the woman had been unable to raise the alarm herself.
"It looks like she had slipped into the gorge, on the rocks, and received a leg injury," he said.
"She couldn't get out - she didn't have her phone on her so she couldn't make any phone calls.
"She had possibly been there overnight."
Police, firefighters, paramedics, SES volunteers and Parks Victoria staff attended the scene.
"She has a leg injury, possibly broken," Sergeant Clarke said.
"She has been taken to Wangaratta hospital."
The woman may have also suffered from exposure to the elements.
EARLIER: Police, paramedics and SES rescuers are on the scene of a high angle rescue at Woolshed Falls near Beechworth.
Emergency services were called to the area on Friday to help a person who has reportedly fallen about 25 metres and landed on rocks.
There are limited details at this stage, but the person - believed to be a woman - may have been at the falls overnight.
IN OTHER NEWS:
A large number of resources have been called to the area.
The condition of the woman is unknown.
More to come.