According to foreign ministry sources, the pair were staying at the Bella Vista hotel, when they and a Swedish tourist were attacked by two suspected Islamic State (ISIS) militants.
Security forces were quick to intervene, and killed one of the attackers, seriously wounding the other. Subsequent reports suggest the second attacker may have died from his injuries.
Hurghada is in a state of high alert, with all roads into the resort town closed while security forces search for other possible suspects.
Spokesman Thomas Schnöll from the Austrian foreign ministry announced that it is sending consular assistance to help the victims, as well as facilitating the travel arrangements for any other Austrians who may wish to leave Egypt urgently.
He further mentioned that the Austrian couple were not seriously wounded, and have now been discharged from hospital.
Austria is considering changing its travel advice regarding the country, in the wake of a series of attacks targeting tourists, with the biggest disaster including the apparent shooting down of a Russian passenger jet by ISIS-affiliated militants, with the loss of 224 lives.
According to witnesses, the attackers were carrying an ISIS flag, and were attempting to kidnap tourists at knifepoint.
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The attacker who was killed was apparently wearing a suicide vest. Both attackers apparently arrived via sea. According to Egyptian authorities, the dead terrorist has been identified as a 21-year-old student from the Giza neighbourhood of Cairo.
Egypt remains in a struggle against Islamic terrorists based in the Sinai Peninsula. The country's tourism industry is in a parlous state after the attacks, with many tourists canceling travel to the region.