Ten homeless people have already died from hypothermia since the beginning of the winter.
The woman, recognized as an alcoholic, was proclaimed dead on the spot, while the other homeless man was evacuated to the Sourasky Medical Center in the city in stable condition.
Uri Levin, an MDA paramedic, said that passerby had alerted the emergency services.
"At 12:50 am we received a report about a homeless woman lying near the Tel Aviv Municipality building. Another person who was with her was evacuated to hospital with low body temperature."
According to the paramedic, the woman was believed to have died of hypothermia.
The Social Affairs Ministry has instructed the local authorities to care for homeless and elderly people, either by evacuating them to shelters or by providing them with blankets and warm clothing.
Roni Arison contributed to this report