Heather French Henry, who was Miss America 2000, told police the sun was in her eyes as she was turning at an intersection Sunday evening and struck the woman, who was crossing outside the crosswalk.
Witnesses told police Henry had a green light at the time. Henry and her infant daughter were not injured.
The victim, Karola Stede, 44, later died at University of Louisville Hospital. She was not wearing a helmet, police said.
Louisville Metro Police spokeswoman Alicia Smiley said she does not expect charges to be filed, although an investigation is continuing.
"Heather is just devastated," her husband said in a statement Monday, adding that she never saw the bicyclist. The lieutenant governor's wife has canceled public appearances until further notice.
Peter Brand, who had been riding with Stede, said she is a native of Germany who had lived in Louisville for the past several months.