W Series title contender Alice Powell has set up the fundraising page, while tributes from across the motorsport community have flooded in.
The incident happened at a British Automobile Racing Club meeting, when two drivers made contact along the start-finish straight at the Kent circuit during the opening laps of the Classic Touring Car Racing Club's Pre 93 & Pre 03 Touring Car race.
One car was sent into the barrier on the outside of the circuit where it was launched into the air and collided with a marshal's post.
Seven-time Formula 1 champion Lewis Hamilton was among a flurry to pay respect to the yet to be named marshal and posted on Instagram: "Devastated to hear of the passing of a marshal at Brands Hatch circuit yesterday. These volunteer marshals are what makes racing possible, they are our heroes. My heart is with his family."
Williams F1 driver George Russell took to Twitter to share his thoughts: "So saddened to hear that a volunteer marshal lost their life at Brands Hatch yesterday.
"These men and women give up their time to allow us to do what we love. We couldn’t do it without them. My thoughts are with their family, friends and fellow marshals today. Rest in peace."
Damon Hill, 1996 F1 champion, said: "Today's motorsport will be a tribute to all marshals, but especially those who have lost everything so we can race."
The race was immediately halted while emergency crews attended the scene, including the air ambulance while Kent Police confirmed they were called shortly before 3pm "following a collision involving a car and a person on foot".
BARC confirmed on Saturday evening that a marshal had died in the incident and that it was "now working with the national governing body, Motorsport UK, and the local police".
"On behalf of everyone connected with the BARC, we are devastated by loss of one of the amazing volunteer marshal community who do so much to enable the sport to take place," continued the statement.
"Our thoughts and best wishes are with the family and friends of all those involved."
The rest of the day's action was cancelled but racing on Sunday was expected to go ahead, while it is understood that the driver involved in the incident was taken to hospital with a broken leg.