Dreamworld says the park will reopen on Friday with entry proceeds going to the Australian Red Cross.
Four people were killed when the Thunder River Rapids ride malfunctioned on Tuesday. The victims have been named as Cindy Low, a 42-year-old New Zealand expat, Canberra residents Kate Goodchild, 32, her brother Luke Dorsett, 35, and his partner Roozbeh Araghi, 38.
In a statement released on Wednesday, Dreamworld said the park will host a memorial on Friday, with smaller rides, animal attractions and the water park to be opened for the event.
"We hope this will be considered the start of the healing process for all concerned," the statement said.
"Australian Red Cross volunteers will be available throughout the day and we hope other local religious leaders will attend."
A private ceremony for staff, friends and emergency services will be held earlier on Friday.
Dreamworld said in the statement the Thunder River Rapids ride passed its annual mechanical and structural safety engineering inspection last month.
"As per regulations, this safety audit was conducted by a specialist external engineering firm. Details of this external audit will be provided to the Coroner and workplace safety investigators," the statement said.
David Randall, Managing Director of safety firm DRA Safety Specialists, said he had been involved in the park's safety audits for the last six years.
"Dreamworld under the leadership of Craig Davidson, the CEO has demonstrated a commitment to developing and maintaining a strong safety culture across all departments. Annual audits have resulted in continuous improvement in the management of safety."
However numerous reports have emerged of the ride being shut down because of faults in the past, and the same conveyor belt system used on the ride was to blame for a near-death on another water ride at the park.