Wade, 47, suffered injuries in a fall at Tumbarumba on April 12, and was in a coma at Royal Canberra Hospital for several weeks.
Wade has since been transferred to a rehabilitation clinic in Melbourne, which is closer to family and friends.
She was visited last week by fellow endurance rider Linda Tanian, who rides for Castelbar Endurance, the operation run by Wade and her husband, Chris Gates. Tanian reported to Australia's Equestrian Federation that Meg woke up when she was visiting, and she could see improvement in her condition.
"There is considerable frustration being expressed by Meg and I can't even begin to imagine how difficult it must be for her now that she is more cognitive of her condition and surroundings," Tanian said.
"Communication is still very difficult for Meg. She will get some words out but not every time you ask a question."
She said she is able to eat now - "I was surprised at the amount of food she was tucking away so her appetite has not been affected by the accident!" Tanian said.
Tanian said that Wade had good movement in her left arm and right leg, and the rehab team is starting to work more on the less responsive right arm/left leg combination.
"The start of the rehab will be another small step on what will be a long trip back. I caught up with Meg's mum who is so positive and is finding improvement in Meg all the time," Tanian said.