The nine-time African champions, in spite of their performance at the just-concluded Africa Cup of Nations (AFCON) championship in Ghana, dropped 21 points from 1601 to 1586.
Banyana qualified for their first-ever World Cup after reaching the final of the Africa Women's Cup of Nations.
The pair of Ghana and Cote d'Ivoire are placed fourth and fifth respectively in Africa respectively.
Banyana entered the hat as one of three representatives from Africa.
Other teams in the top ten in Africa include Equatorial Guinea, Morocco, Algeria, Mali, and Senegal. The United States remain the world's best team, ahead of Germany, France and England.
The Australians are certain to meet either the Netherlands, Japan, Sweden, Brazil, Spain or Norway in the group stage of the competition.
The next FIFA/Coca-Cola Women's World Ranking will be published on 29 March 2019.
Asisat Oshoala missed an 83rd minute penalty but that did not stop the Nigerian team from being victorious as goalkeeper Tochukwu saved the last kick taken by South Africa.