Monaco-based Edwards, who was leading the drivers' championship in the 2013 Porsche Mobil 1 Supercup season with one race to go, was taking part in a private training day at the time, according to Australian news reports.
The driver reportedly suffered severe injuries.
"Our thoughts are with his family and we want to express our deepest condolences to his relatives," Hartmut Kristen, Head of Motorsport at Porsche, said in a statement.
Edwards had a cameo role in the recently-released movie Rush, playing his father Guy who helped pull Niki Lauda from his burning Ferrari after a crash at a F1 Grand Prix at the Nurburgring in 1976.
Reacting to the news of Edwards' death, former McLaren driver David Coulthard took to Twitter.
"Shocking news about Sean Edwards passing, top man and super talented racer, condolences to his nearest and dearest," he said.
Karun Chandhok, a former F1 driver, added on Twitter: "RIP Sean Edwards... Sadly highlights the dangers that instructors put themselves in while helping other drivers."
(Reporting by Martyn Herman, editing by Pritha Sarkar)
