The New Zealander had been swimming with her childhood friend Leeann Mitchell at a remote beach in far north Queensland at 10pm on Sunday when she was attacked.
She was dragged underwater at Thornton Beach in the Daintree National Park.
Ms Waldron's parents and sister have arrived in Cairns from New Zealand, and would travel north with police to observe the grim search for her remains.
Pat Waldron said his daughter would have understood the risks of taking a late-night swim in crocodile country.
"She'd do crazy things. And what she did there is a crazy thing, absolutely," Mr Waldron has told ABC radio.
"But that was her. She sent a message on Facebook two hours before that happened to say, 'I'm on the beach, it's a lovely place, I'm having a ball'.
"I can imagine they'd had a few drinks running down the beach."
The search for the New South Wales-based photographer is now a recovery operation.
Ms Mitchell, who also lives in Australia, has been deeply traumatised by the loss of her friend.
She tried to pull her from the croc's jaws but couldn't do it, and had to run to a nearby business to get help.
The attack took place in an area well known for crocodiles and has reignited debate about how best to manage the public safety risks.
An exhaustive search of the beach, and nearby waterways had so far failed to find any trace of Ms Waldron.
Queensland's Environment Department said two croc traps set in Cooper Creek, near Thornton Beach, were empty when they were checked at 7am today.
The would be checked again later in the day and a third trap would also be set in the creek, where croc spotting tours were regularly conducted for tourists.
