Captains Peter Handscomb and Shaun Marsh, umpires Phillip Gillespie and Geoff Joshua and match referee Bob Parry consulted with MCG operations and ground staff prior to the scheduled start of play on day two.
A decision was taken that no further play would be possible in the match.
Marsh said the result was disappointing.
“I think the right decision was made in the end,” he said.
“It was obviously quite dangerous out there and as the game went on it got worse.
“After lunch we saw that once the pitch dried out, the divots that were created in the morning session meant it was unplayable.
“My players safety is at the forefront of my mind, as I said the right decision was made and lessons will be learnt.”
Match officials called a halt to play at 1.55pm local time on Saturday, 45 minutes into the second session.
WA batsmen Marcus Stoinis and Marsh were hit in the head by deliveries from Victoria's quicks, which rose sharply and unexpectedly.
After follow up concussion tests Sunday night both have been cleared of concussion.
The visitors were 3-89, with Victorian seamer Peter Siddle (3-21) doing the damage.
Cricket Australia will now work with Cricket Victoria and the Western Australian Cricket Association to reschedule the match.
If no date can be found, each team will be awarded three points.