The 20-year-old was pronounced dead at the scene outside Chambers 51 student accommodation in Lichfield Street, after police and paramedics were called at around 5.50am on Sunday.
A West Midlands Police police spokeswoman said: "We’ve been working with staff at the University of Wolverhampton and our thoughts are with the woman’s family, friends, and the wider student community at this sad time."
"A resident who lives within the block but wishes to remain anonymous said: ‘I woke up and saw the police outside and sheeting over someone in the car park. It’s awful, I’ve heard who it was and she was really young, in her twenties."
Professor Julia Clarke, Deputy Vice-Chancellor at the University of Wolverhampton, confirmed the woman was a student.
" The thoughts of the University community are with the student’s family and friends and we are providing support to our students and staff at this very sad time," she said.
The 20-year-old's death is not being treated as suspicious, and will be referred to the coroner.