Mohammad Swapan, 44, and his 40-year-old wife Sabrina Ahmed were swimming at Conspicuous Cliff beach, near Walpole, 430km south of Perth, on Saturday afternoon when tragedy struck.
Emergency services responded to reports three adults were in distress in the water before unsuccessful efforts were made to revive the pair.
However, another 42-year-old man was treated at the scene and taken to hospital by St John Ambulance.
Dr Swapon and Ms Ahmed's two daughters had been caught in a rip which prompted the couple to rush into the water and attempt a rescue, according to Bangladeshi English-language newspaper, the Dhaka Tribune.
Both of the girls survived the incident but a report on their parents' deaths will be prepared for the coroner.
This summer season has already resulted in 31 drowning deaths including 21 along the Australia's coast.
Surf Life Saving Australia chief executive Adam Weir, said volunteer surf lifesavers will be out in force in a bid to keep similar tragedies at bay.
"In order to enjoy our beaches, we want to make sure people are only swimming at patrolled beaches and make safety their top priority," he said.
"The drowning risk is more than four times higher during the summer public holidays which is a result of people taking more risks, not wanting to visit the crowded patrolled beaches as well as combining alcohol/drugs with swimming. It's a risky combination."
A friend and colleague of Dr Swapon and Ms Ahmed, Ruhul Salim, said they were popular members of Perth's Bangladeshi community and would be deeply missed.
"There has been a huge tribute and condolences since yesterday," he told 9 News.
The couple's holiday was part of a trip with several families visiting the WA south coast from Perth over the Christmas break.
Royal Lifesaving Society chief executive Justin Scarr said Australians need to stay extra vigilant around water during the treacherous week until New Years Eve, where one in four annual drownings can take place.
"Drowning happens all over the place and anywhere there's water this time of year people are generally relaxing and enjoying themselves but it's really important they watch their children constantly but also understand their swimming ability," he told ABC's Radio National.
In Tasmania, a 38-year-old man drowned while attempting to rescue four children at Carlton Beach, east of Hobart on Sunday afternoon.
Police said the man faced difficulty during the attempted rescue due to strong currents near the mouth of the Carlton River.
A majority of the beach is patrolled by Surf Life Saving members but the section near the river's mouth is outside red and yellow flags.
In NSW, the body of teenager Luca Bennett was recovered after he was swept off rocks at North Avoca Beach on the Central Coast on Christmas Eve.
The 15-year-old aspiring basketballer was one of three teenagers swept into the sea when the group was hit by a wave.
