Police said Ms Maasarwe had taken a tram home after an evening out seeing a comedy show.
It follows the murder of aspiring comedian Eurydice Dixon, 22, past year and previously the deaths of Masa Vukotic, 17, and Jill Meagher, 29.
"My heart goes out to Aiia's family and friends and everyone whose life she touched", he said.
Since his wife's murder, Meagher has acted as a staunch advocate for women's rights and women's safety. "I can't begin to think of what I could say to her family".
Maasarwe was killed around 12:20 a.m. Wednesday shorting after she got off a tram in the Melbourne suburb of Bundoora.
"Homicide Squad detectives have arrested a man as part of the ongoing investigation into the death of Aiia Maasarwe", police said.
Police also recovered a black baseball cap and a grey and black T-shirt that they suspect an assailant discarded after the attack.
Melbourne is Australia's second-largest city and draws more than 200,000 students from all over the world to study. She was on a six-month study overseas programme as part of her degree at Shanghai University.More news: Pompeo calls for ending Gulf dispute during Qatar visit
Arun Chandran, who ran a social meet-up group, said she came to the event at Flagstaff Gardens for an hour until 8pm where she spoke with everyone gathered.
Her distraught father Saeed Maasarwe arrived in Melbourne on Thursday to identify her body.
As Aiia Maasarwe and her sister talked while the Israeli college student made her way home from the show, something horrifying happened.
On Friday, her father Saeed Maasarve stopped by a floral memorial to his daughter at La Trobe University.
On Friday night hundreds of people attended a vigil for the murdered worldwide student.
Last June the killing of 22-year-old comedian Eurydice Dixon sparked fresh anger and debate about violence against women in Australia.
Police said forensic testing was being conducted on two pieces of clothing found nearby that they believe was likely to have been left by the person responsible for her death. "We express our heartfelt condolences to Aiia's family and stand ready to support themduring this time as our consul works to return her body home to Israel for burial", it said in a statement.