The 27-year-old was a talented junior footballer and represented Victoria at underage level before pursuing a cricket career.
Smith has played for the Hobart Hurricanes, Perth Scorchers and Sydney Thunder in the WBBL and was part of Tasmania's WNCL championship squad this year.
But the 168cm wicketkeeper missed selection in the Tigers' team for the final against South Australia and was not offered a contract for next summer.
Smith made headlines in 2019 when she was banned for posting a WBBL line-up on her Instagram account, an hour before it was officially released by her team.
"Emily brings knowledge and experience from the elite sporting environment and that makes her a standout candidate for our program," Collingwood women's football boss Jess Burger said.
"A small, crafty forward with great speed and agility, Emily not only has a great footy IQ but is a well-rounded athlete who will bring elite standards into our program.
"We look forward to welcoming her into the club and watching her next chapter unfold in the black and white."
Gold Coast have made use of their 'special assistance' package provided by the AFL, which allows the club to pre-sign up to four players before the draft.
The Suns have added mature-age signings Georgia Clayden, Gabrielle Biedenweg-Webster and Krystal Scott.
"We're thrilled to welcome these three players who we think will be able to add significantly to our group for next season," Gold Coast coach Cameron Joyce said.
"We've set about improving our list in areas of need and these three players will help our defensive stocks while also bringing some fantastic experience to our group."
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