According to voting results announced by the IOC on Thursday, Park's name was not among the four newly elected members who will serve for eight years on the 23-member commission.
A total of 29 candidates including Park campaigned for the role with the top four being selected in a vote by some 10,000 athletes competing at the Summer Olympics in Paris, France.
About 6,576 athletes cast their votes, with Park ending up in 18th place with 590 votes.
As Park failed to replace outgoing member Yoo Seung-min whose term expires after the Paris Olympics, the number of Korean IOC members has been reduced to two - Lee Kee-hong, President of the Korean Sport and Olympic Committee and Kim Jae-yeol, President of the International Skating Union.
The four new members are America's former track and field athlete Allison Felix, German gymnast Kim Bui, Australia's canoeist Jessica Fox, and New Zealand's tennis player Marcus Daniell.
