Helen Henderson fell ill at 10.15pm on Sunday night and was rushed to hospital where she later died.
Four other people - thought to have been at a party in the town along with the dead girl - were also taken to hospital.
The incident happened in a flat in Renfrew's Paisley Road, with the 19-year-old taken to the nearby Royal Alexandra Hospital (RAH).
Two other girls, aged 18 and 19, and two men, aged 24 and 31, were taken to the Southern General and RAH.
Neighbours have spoken of their shock following the incident.
One woman said: "I can't believe it. I just don't want to live here any more, it's getting worse.
"I can't believe some-
one has died, it's horrible.
"This needs to stop."
A post mortem examination will take place to determine the exact cause of the woman's death.
It is suspected that she took the class B drug mephedrone, which has the street name MCAT and is sold in a white powder or capsule form.
She may have also taken ketamine.
Local Area Commander Arlene Smith said: "Extensive inquiries are continuing into the circumstances of the woman's death, and although unconfirmed, one of the lines of enquiry is that prior to her taking unwell she may have taken an illegal substance.
"At this time it may be that the drug involved is MCAT.
"Police Scotland is issuing a warning to anyone who has obtained or taken this or similar substances.
"Do not take illicit drugs and stay away from any unknown substances. No-one can predict the risks involved or the serious consequences."
Medical staff are also urging anyone who may have taken the substance and are feeling unwell to visit A&E.
The death comes just months after 17-year old schoolgirl Regane MacColl died after apparently taking a red Mortal Kombat ecstasy tablet.
She died after falling ill in Glasgow nightclub The Arches.