The 20-year-old American woman was separated from two female tramping companions about 3pm on Saturday while walking the Gillespie Pass, between Young Valley and Wilkin Valley, in torrential rain, hail and gale-force winds.
Police search and rescue co-ordinator Sergeant Aaron Nicholson said searchers found a raincoat and pack believed to be the missing tramper's in the upper end of the Young River yesterday, two days after she was last seen.
A sweatshirt, thermal top and sock were also located near the river.
''The items are consistent with being stripped from somebody,'' Sgt Nicholson said.
''So we have our concerns that she's slipped or fallen into the Young River, or while trying to cross an aspect of that at the upper end she's been swept away.''
The river had been flowing much higher than usual at the weekend because of heavy rainfall. It dropped significantly yesterday, which had helped search efforts, Sgt Nicholson said.
Searchers confirmed a number of boot prints on both sides of the pass were those of the missing woman, who was not an experienced tramper.
''She had done a few local walking tracks but not a poled route over a significant pass in bad weather.''
While crossing the pass, the woman had fallen behind her companions, who were also students at Otago University.
The pair continued on to Young Hut where they waited for their friend to arrive.
When she had not turned up by the following morning, the women tramped to the start of the track and hitch-hiked to Makarora to phone police, about 24 hours after they were separated from the missing student.
An aerial search and check of the huts on the route was mounted that afternoon.
Yesterday, about 15 LandSAR Wanaka volunteers and an ''air-scenting'' wilderness dog carried out extensive ground searches, while others looked for traces of the woman from the air.
Sgt Nicholson said the missing tramper had been studying in Dunedin as part of the International Studies Abroad programme.
He had been providing updates to the university and the missing woman's family in Ohio.
Her father is due to arrive in New Zealand today.
Otago University international pro-vice-chancellor Prof Helen Nicholson said the university was ''obviously very concerned and worried and hoping for the best'' and had been supporting the other students who were on the tramp.
An International Studies Abroad representative was in Wanaka with the women, who she understood were also study abroad students from the United States.
Sgt Nicholson said the search for the tramper would continue today.
''We are always optimistic and hoping for a positive outcome. However, as time goes on and with some of the hazards around the rivers and bluffs in that area she had to negotiate ... we have to consider the possibility that we might not find her alive. But we're doing everything we can to find her.''
The Department of Conservation website describes the Gillespie Pass Circuit as a 58km, three- to four-day round trip, suitable outside the winter months for relatively experienced parties.
• A 21-year-old Dunedin student running the Routeburn Track made it out safely yesterday after being delayed by the weather, police say.
Senior Sergeant Brian Benn, of the Southern District Command Centre, said police had been given incorrect information the man was overdue.
Further inquiries revealed he was in fact due out yesterday and a search was cancelled.
