'women-led' is a Modern English compound formed from the plural noun 'women' and the past participle 'led'. 'Women' is the plural of 'woman' (from Old English 'wīfmann' via Middle English 'wommen'), and 'led' is the past participle of 'lead' (from Old English 'lǣdan').

'woman' (Old English 'wīfmann' meaning 'woman + person') evolved into Middle English forms like 'wommen'/'women'; 'lead' (Old English 'lǣdan') gave the past participle 'led'; the modern compound 'women-led' follows English compounding patterns (noun + past participle) to mean 'led by [noun]'.

Initially the elements meant 'adult female persons' and 'to guide/bring', respectively; combined, the compound has retained the straightforward sense of 'guided or directed by women'.