The 17-year-old’s death was witnessed by her parents when Olivia’s horse tripped and fell during a jump at the equestrian event in the Upper Hunter, fatally crushing her.

Charlotte and Arthur Inglis, of the renowned Inglis horse breeding dynasty, said they had been overwhelmed by the kindness and sympathy from the equestrian, thoroughbred and Olivia's school community following the loss of their eldest daughter on Sunday. 

#rideforOlivia has spread like wildfire online, after a photoshopped image of Olivia riding through the clouds, captioned “fly free fly high” was shared on Facebook.

A search of the hashtag on Instagram alone shows more than 23,500 posts from around the world to the picture-sharing social network.

Local riding industry businesses who supported the hashtag said they planned to use the images to create a mosaic that would form a composite image of Olivia to give to the Inglis family.

"We are so proud of Olivia and the beautiful young woman she was in every way. We are blessed to have had the opportunity to share our passion for horses with our children," Mr and Ms Inglis said in a statement on Wednesday.

"This has led us on a great journey where we have been able to spend countless happy moments and special family times. So much to celebrate and a life so joyous and well lived," the statement read. 

"On behalf of the Board of Directors, company shareholders, staff and the entire thoroughbred community, our thoughts are with Arthur and Charlotte and their girls after the tragic passing of their lovely daughter Olivia," said Inglis managing director Mark Webster.

The statement issued by Inglis also broke the news that the horse that crushed Olivia had sustained significant injuries from the fall and had to be put down.

"Unfortunately, Olivia's much loved horse Coriolanus has suffered injuries much worse than originally reported," a spokesperson for Inglis said in a statement. 

Olivia will be laid to rest on Monday at St Judes church in Randwick.