Salmeen, the first American-born female Olympian out of UCLA in 20 years, finished fourth in the consolation final of the 200-meter butterfly at Atlanta.
She also won the 200 butterfly in the NCAA championships held in her hometown in March.
The Woman of the Year Award recognizes intercollegiate female athletes for outstanding achievements in athletics, academics and community leadership.
The other finalists are: Mary Alice Brady, track and field, Boston College; Amy DeVasher, swimming, University of Alabama; Billie Winsett Fletcher, volleyball, University of Nebraska; Kristi Kloster, track-cross country, University of Kansas; Marya Morusiewicz, volleyball, Barry University; Nikki Nicholson, volleyball, University of Georgia; Jenni Rademacher, basketball, North Dakota State University; Samantha Salvia, field hockey, Old Dominion University; Katie Smith, basketball and track and field, Ohio State University.
The 10 finalists were selected by a special committee of athletics administrators from National Collegiate Athletic Association member schools.
The NCAA Committee on Women's Athletics will select the winner. The award will be presented Oct. 6 in Kansas City, Mo.