Police were called to Hanging Rock at Blackheath in the Blue Mountains west of Sydney on Tuesday after the man swung from the rock and hit a ledge.
The rock formation - known as "the death swing" - is popular with tourists and thrill seekers.
The victim was Sydney circus performer Toby Benham, said local media.
Rope swinging involves jumping from a cliff while attached to a rope and swinging like a pendulum under a rock formation.
Police said the victim was brought to an "anchor point" on the cliff face where medical teams attempted to stabilise him before he was pronounced dead.
Local media said the 31-year-old was a rock climber and BASE jumper who, during a previous stunt at the site, got his foot caught in his parachute while attempting a jump at the rock.
A man has died after hitting a rock formation at one of Australia's most popular climbing spots while attempting a rope-swinging stunt.