Mrs Whitlam, the wife of former Prime Minister Gough Whitlam, died aged 92 in Sydney's St Vincent's Private Hospital on Saturday morning.
Senator Lundy said she was an extraordinary woman who displayed great strength.
"Margaret Whitlam has the affection of this nation," Senator Lundy said in Melbourne on Saturday.
"She was an extraordinary woman, and in the contact I've had with her she was so strong and inspiring, and I think she has inspired many generations of Australian women.
"I think she'll be sorely missed."
Former prime minister Kevin Rudd said Mrs Whitlam would be deeply missed.
"Today Australia lost one of our greatest, Mr Rudd tweeted.
"Margaret Whitlam. Inspirational. And we hoped indestructible. We miss her deeply. KRudd."
Former NSW premier Kristina Keneally tweeted: "A great woman, a great life lived: Margaret Whitlam."
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