The three-day competition in the rural town of Stawell featured more than 700 competitors and offered total prize money of A$155,000 (£81,000).
Jamaican Asafa Powell, Great Britain’s Linford Christie and Australian great Cathy Freeman are among the world champions who have competed in the event since it was first held in 1878.
Richardson’s teammate and fellow American sprinter Christian Coleman, the world indoor 60-meter record holder, competed in the men’s event.
The former 100m world champion was eliminated in the semi-finals, where he finished fifth in 12.48 seconds.
The men’s event was won by 21-year-old Australian Olufemi Komolafe with 11.93 in a five-metre start, starting behind all but one of his competitors, with runner-up Jake Ireland starting at 4.5m.