The 'teal' candidate also said she had yet to receive a call from the outgoing Liberal treasurer conceding his loss.
"So I'm not claiming a victory in Kooyong, but it is looking really positive at this point," she said.
Dr Ryan said she would only guarantee confidence and supply to the incoming Labor government if she was offered appropriate security about action on climate change and an integrity commission within a set period of time.
She described the swing to her in Kooyong as a victory for a community unhappy at and disaffected with the outgoing coalition government.
This included its perceived lack of action on climate change, integrity and transparency in government and gender equity.
"This is a government that has moved too far to the right," Dr Ryan told Sky News on Sunday.
"It has been dragged to the right by the Nationals, it has gone in that direction and it is no longer representing the small 'l' Liberal heartland."
She said action on climate change was a big factor in her campaign.
"We lost confidence in our government to take action," Dr Ryan said.
Mr Frydenberg suffered a swing against him in excess of 10 per cent, with more than half the votes counted in the inner-east Melbourne seat on Saturday night.
The projected swing leaves him trailing Dr Ryan by 4.4 per cent on a two-party preferred basis, with thousands of postal votes still to be counted.
Meanwhile, in NSW Independent Dai Le has swept aside Labor's home affairs spokeswoman Kristina Keneally in the western Sydney seat of Fowler.
Asking on Sunday if she was leaning toward supporting Labor or the Liberals in the lower house, Ms Le pointed out both major parties had attacked her during the election campaign.
"My allegiance is to my community and nobody else," she told Sky News.
Ms Keneally was parachuted into the once safe Labor lower house seat after failing to secure a winnable spot on the NSW Labor Senate ticket.
Ms Le attributed her stunning victory to her strong roots in the community, saying Labor voters had told her they "couldn't accept someone being parachuted in from the northern beaches".
