The two time NSWIS Olympian finished in 15th place, bettering her previous best finish of 18th in the same event in 2015 at Vail/Beaver Creek.
Earlier in the week Small finished the downhill in 28th place and was 37th in the super-g.
"Good times in Cortina at my Fourth World Championships" Small posted after the race.
"After a year of uncertainty, coming back from injury and only a couple weeks of race preparation in the past two years, it was a joy and accomplishment to be at the start gate.
"Stoked with my best ever Worlds result of 15th in the combined.
"Thank you to all my supporters racing down Olympia Delle Tofane was fun."
Also in action at the World Championships was Snow Australia racer Hugh McAdam, who had to take part in the qualifier events in giant slalom and slalom.
McAdam qualified in fifth place in the giant slalom, but unfortunately did not finish in the first run of the main event.
In the slalom qualifier, McAdam did not finish in the first run, missing out on qualifying for a start in the World Championship race.
IMAGE: Spectacular sunny conditions for Greta Small at the World Championships in Cortina, Italy © Greta Small Instagram