The three-day competition in the rural town of Stawell featured more than 700 competitors and offered total prize money of A$155,000 (£81,000).
Jamaican Asafa Powell, Britain’s Linford Christie and Australian great Cathy Freeman are among the global champions to compete at the event since it was first held in 1878.
Richardson’s partner and fellow American sprinter Christian Coleman, holder of the indoor 60m world record, contested the men’s event.
The former 100m world champion was eliminated in the semi-finals, where he finished fifth in 12.48 seconds.
The men’s event was won by Australian 21-year-old Olufemi Komolafe in 11.93 off a five-metre start – starting behind all but one of his competitors, with runner-up Jake Ireland starting at 4.5m.