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Prof Hayne made the comments at yesterday's university council meeting.
The once notorious keg party has attracted praise from authorities - herself included - in recent years.
Her comments came after council member Judge Oke Blaikie asked whether fewer people were injured during last month's party than in previous events.
Prof Hayne said despite recording ''steady and significant'' declines in the number of injuries and hospital admissions, she was still not completely satisfied with the event.
''It won't truly be a success ... until we can take some of the edge off the very dangerous intoxication.''
She would work with the Otago University Students' Association to decrease the levels of drunkenness at next year's event, ''particularly amongst young women''.
She was ''cautiously optimistic'' about its future.
After this year's party, Dunedin Clutha Waitaki relieving area commander Inspector Jason Guthrie said the crowd was good-natured and the party mostly trouble-free, with 10 people arrested during the day.
St John Otago territory manager Doug Third said 45 people were treated for injuries at the party, seven being taken to hospital, compared with 60 people treated last year.