The ride operator apparently stopped the attraction while bystanders gathered below to catch the girl if she fell to the ground.
The crowd erupted into cheers and clapping as the girl was rushed by staff to an awaiting golf-buggy to take her for medical treatment.
Six Flags said that the New York State Department of Labor cleared the ride to operate, but it is remaining closed while the park conducts an internal review.
The whole ordeal took place Sky Ride at Six Flags Great Escape Amusement Park, about 55 miles (89 kilometers) north of Albany, New York. "I couldn't let that little girl die", he told the AP.More news: Stocks hit records again, with tech giants back in charge
More news: Hyderabad hotel denies Singapore woman accommodation after realising she is single
More news: Philippine forces declare Eid truce in war-torn city
As of now, we don't know why this girl was hanging so precariously from Sky Ride.
A 47-year-old was also treated and released following the incident after reportedly suffering a back injury while catching the girl. "No one wants to put himself underneath a body like that, but I couldn't stand by and watch".
"As part of our annual practice an evacuation drill is conducted in partnership with local emergency personnel on this particular ride each spring", she said in an emailed response.
Winchell and her father visited the girl on Sunday (25 June) and said she was in good spirits.
Howard is just happy he and his daughter were among those on the ground below.
"It's incredible you know I mean as I keep saying too God put us in the right place at the right time, you know we were able to do something good and we saved a child's life", Winchell said. He said the ride has no seatbelt, and just a bar across to hold patrons inside.
The gondola ride was inspected and it was determined to be in proper working order, though that does not account for the accident.