The head of the Syrian Observatory for Human Rights, Rami Abdel Rahman, told dpa that the stabbed woman died later of her wounds.
The incident led the Kurdish secret police, called Asayish, to intervene, but the women revolted and took weapons to face the Kurds, the Britain-based observatory said.
There was then a shoot-out which lasted for about 15 minutes, leaving another Islamic State woman dead, Hawar news agency reported.
Fifty women from the extremist militia organization were arrested by the Kurdish police, the agency said.
The riots from women and children were in an isolated section of the camp called the annex, where foreign Islamic State women are being held, according to Doctors Without Borders (MSF), which has a clinic inside the camp.
The unrest was met "with force" from the security authorities that control the camp, the medical aid organization added in a statement.
MSF said its doctors treated four women with gunshot wounds while taking cover from ongoing shooting, and added that its team was "extremely worried" about the wellbeing of those in the camp.
"The current insecurity in the camp has forced MSF to temporarily reduce its medical activities and limits the ability of humanitarian organisations to deliver much needed assistance to a very vulnerable population."
MSF stressed that the management of protests or unrest should be done with restraint and taking into account the vulnerability of the women and children, who comprise 94 per cent of the camp's population.
Al-Hol camp, 45 kilometres east of the city of al-Haskalah, is one of the largest camps in northern and eastern Syria.
The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has said that the population in al-Hol camp stands at close to 70,000, and that most of those living there are families of Islamic State fighters who fled the last pockets of the extremist group's territory in eastern Syria.
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