"The ball is really in their court," Eventscorp said. "Any event needs to demonstrate a return on investment. We will keep in contact with Red Bull because we have got a good event here."
The race was first held in Perth in 2006 and managed to attract hundreds of thousands of people to the Swan River foreshore of WA.
This year's race witnessed a spectacular crash into the Swan River during the practice sessions - the first in the race's history - and welcomed more than 300,000 spectators during the two-day event.
Tourism WA chairwoman Kate Lamont said the body was already looking at new international events to replace the race.
"The future is very bright on the major events front and I look forward to sharing some exciting developments in the near future which will bring to life Western Australia's 'Experience Extraordinary' brand," she said.
It is yet to be decided whether the state will look to attract another big-ticket event or instead look to a range of smaller events spread throughout the year.
"Attracting and establishing a diverse range of events is central to the work of Tourism WA and Eventscorp and WA's calendar will continue to develop and grow with more and more world class events being brought to Perth," Lamont said.
In 2010 the Red Bull Air Race was staged in some of the world's most glamorous destinations, including New York, Rio de Janeiro, Barcelona, Hungary and Abu Dhabi.
