Wipiiti fell awkwardly during the dying seconds of Sunday's 46-44 win against the West Coast Fever in Invercargill and needed assistance to leave the court.
Steel physiotherapist Jenny Ferguson said Wipiiti was making good progress, but it was unclear whether she would recover in time for Monday's game.
"The injury has settled faster than we'd hoped, which is great," Ferguson said, explaining Wipiiti had irritated the lateral meniscus in her left knee.
"It is not a serious injury to her meniscus.
"It is not going to require surgical intervention or anything like that. It just needs time.
"She made a massive change from Monday to Tuesday.
"She has full movement now and she is walking comfortably.
"But she has to be running comfortably and changing direction by the end of the week."
Meanwhile, experienced Steel defender Sheryl Scanlan has been ruled out with a persistent calf injury.
Scanlan missed the win against the Fever and was troubled by a similar injury last season.
But Ferguson said the former Silver Fern was back running and progressing well.
However, she was unlikely to be fit for a few weeks yet.
"We're taking it week by week.
"She won't be in the team this week.
"We've got to get her back training with the team and, once she is training comfortably, we can look at her coming on as an impact player."
Ferguson, a former Otago Rebels and Southern Sting player, will don Steel colours and provide cover for Scanlan on Monday.
Tournament rules prevent her from performing both medical and playing roles, so physio Neil Familton will fill in.
