Konta, who has risen to a career-high number nine in the rankings, was dispatched 6-2, 6-3 in a little under an hour and a quarter on a sweltering hot day in Melbourne.
She revealed her admiration towards Williams before the match but admitted that she was relishing the challenge after reaching the semifinals in the same grand slam just twelve months ago.
Konta could not help but agonize over the bitter defeat, revealing that she had broke down in the tears in the locker room after the match.
“I cried because I'm generally quite an emotional person, I've never hid that,” said the 25-year-old.
“I've worked incredibly hard to direct that emotion into a positive and a constructive way on court, but off court, I'm still very emotional.”
A lesson learned
Konta was tipped by several to upset the 22-time grand slam champion after she displayed signs of frailty in her fourth round triumph over the Czech Barbora Strycova but Williams proved a step too far for the Brit.
“It was probably one of the best experiences of my life,” she reflected afterwards.
“There's so many things I can learn from that, so many things I can look to improve on.”
The 25-year-old added that she must relax more in the future after being overwhelmed by the pressure during the encounter.
Still, she could do little to tame Williams, whose first serve rose steadily as the match progressed.
The 35-year-old is aiming to break Steffi Graff’s Open Era record of 22 grand slam titles.