The family of Maria de Villota says it has ended litigation against the Manor Formula 1 team after reaching an agreement.
De Villota crashed into an articulated trailer while carrying out a straight-line test for Marussia at Duxford Aerodrome in 2012.
She lost her right eye but made a full recovery from her other injuries, before dying in October 2013, aged 33.
An investigation by the Health and Safety Executive concluded no action would be taken against the parties involved.
De Villota's family subsequently began litigation against the F1 team, which became Manor F1, but a statement from UK law firm Slater and Gordon said both parties had reached an agreement.
"The family of Maria de Villota are pleased to say that they have reached agreement in their dispute with the Manor F1 Team following Maria's accident on the 3 July 2012," read the statement.
"The accident happened for a number of reasons, one of which was that a lorry was parked in the pit area with its tail lift projecting, for which Maria was not at fault.
"Once again, the family wishes to say thank you to all the fans, friends and others that have supported Maria before and during her career, particularly those who did so after the accident.
"Also to all those who today continue remembering her with her happiness and smile taking care of those most in need."
A spokesperson for Manor was quoted in the statement as saying: "It was a tragic accident which shocked the team and all who knew her. She is sorely missed."
Paul Tapner from Slater and Gordon added on behalf of the family that "this is an important moment, as the family can now put all their efforts into continuing with Maria's Legacy".
This is the name given to "a movement created to give continuity to Maria's solidarity programs focusing primarily on children with neurodegenerative diseases and people with limited financial resources".
The Manor F1 team closed its doors in March this year but it is believed the settlement has been reached with Manor's public liability insurer.