A house at Ardmore Avenue in Finaghy was turned into a murder scene following the discovery of her body in a back garden.
Neighbours had reported hearing a woman scream out just before 7 am.
In follow up searches in Malone Avenue, two men were arrested on suspicion of murdering the woman.
They are being held at the PACE custody suite at Musgrave PSNI station for questioning by murdersquad detectives.
Detective Chief Inspector Geoffrey Boyce of MIT said: “At around 7am this morning police received a report of a woman in distress in Ardmore Avenue.
“Police responded and a woman was discovered injured in the rear garden of a property in the area.
“Despite attempts by emergency services at the scene the woman died from her injuries.
“Two men, aged 23 and 27, were arrested at an address in south Belfast a short time later on suspicion of murder and remain in police custody at this time.
“I am appealing for anyone who was in the Ardmore Avenue area of Finaghy last night or early this morning and who witnessed any suspicious activity or any vehicles driving in the area to contact detectives at Musgrave Police Station on 101 quoting reference 338 21/10/17.
“Or, alternatively if someone would prefer to provide information without giving their details they can contact the independent charity Crimestoppers and speak to them anonymously on 0800 555 111.”