Valerie Hughes, 33, of Burlington was transported to UNC Hospitals and later died from her injuries.
Investigators have interviewed several passengers on the bus at the time of the accident. They hope to determine the cause of the accident by the end of the week.
The accident occurred around 4 p.m. at the intersection of S. Columbia Street and Mason Farm Road.
The driver of the bus is identified as James Willie Orr. He was not injured.
It's the second time this year that a person died after being hit by a bus.
In May, UNC exchange student Lisa Carolyn Moran, of Scotland, was jogging through the south campus when she lost her footing and slid under a bus. The driver was not charged.