The 30-year-old woman was asleep in her Melbourne home in the early hours of July 22 1974, when she was woken by a stranger and raped.
Nine days later police charged her neighbour George Karakis with rape, burglary and indecent assault.
He was bailed on a $1000 surety put up by his wife and has been on the run ever since. He would now be 78.
NSW Police thought they had found him in Sydney's eastern suburbs in 1990, but he disappeared again before a warrant could be executed.
A public appeal in 2015 also failed to locate the Greek speaking, Turkish-born fugitive.
More than 50 years after his arrest, police on Monday released his 1974 mug shot as well as a digitally generated image of what Karakis could look like today.
At the time of the attack, Karakis was 27 and livingwith his wife, sister and brother-in-law in Gore Street, Fitzroy - the same street the rape occurred.
Detective Senior Constable Ruby Roberts said Karakis' victim was now in her 80s and had been forced to live most of her life knowing this man had not faced court for the "brutal" crime.
"The victim has spent the last 50 years with this hanging over her head," Det Roberts told reporters on Monday.
"She deserves to feel safe in her home, she deserves to known that the man who assaulted her has been brought before the courts.
"She's obviously still affected by what occurred and it would mean the world to her to know that he has been located."
Given the length of time since his arrest, police say there is a possibility that Karakis has died but are hell bent on finding answers so they can close a chapter in the victim's life.
Det Roberts also called on anyone who worked with Karakis at the Ford Factory in Broadmeadows, where he was arrested, to come forward with any information they may have.
Anyone with information about Karakis's whereabouts is urged to contact Crime Stoppers on 1800 333 000 or make a confidential report at www.crimestoppersvic.com.au.
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