The new steel sculpture, by Sydney-based artist Jenny Green, was unveiled last week and is designed to challenge society's concept of beauty and femininity.
Vice-chancellor Professor Patricia Davidson said the artwork, Beautopia, was a vibrant addition to the university's art collection.
"The stiletto is deeply intertwined with the concept of femininity," she said.
"Depending on your perception, it can be a symbol of liberation or subjugation.
"It merges the might of steel with the whimsy of fashion, capturing the complexities of what it means to be female in modern society."
A sculptor for more than 20 years, Ms Green uses industrial materials, such as steel, bronze, and resin, to create artworks that are light and airy.
"As an artist, I'm drawn to the intersections of femininity and strength. Beautopia reflects this juxtaposition in a bold and unapologetic way," Ms Green said.
"The welded steel construction of the stilettos represents the resilience of women in a society that often seeks to diminish their power."
"The colour pink imbues the shoes with a sense of playfulness and whimsy. These stilettos are not just shoes, but a statement of empowerment and a celebration of the inner strength and beauty of women."
Beautopia will be a permanent addition to the Wollongong campus, gifted by Ms Green, and is situated on the lawn between Building 36 and Building 41.