"He (Redgrave) spoke with us down by the beach on Tuesday and it was a good session. He talked about himself and his career and what he thought of being a high class athlete," Ponting said of Redgrave who won gold medals at five consecutive Olympic Games from 1984 to 2000.
Australia coach John Buchanan had invited the British champion to talk to the players about the pressure of expectation.
Australia will make sure of a place in the semi-finals of the World Cup with a win over Ireland here on Friday. They also face New Zealand and Sri Lanka in their last two Super Eights matches.
They are bidding to become the first team ever to win three World Cup titles in a row.
Ponting said the rowing legend told them about his experiences of being a favourite.
"He told us what he thought about the approach of being favourite going into an event, how he enjoyed that tag and about how he didn't want to be known as an underdog.
"He always wanted to be one of those stars and said he tried to cause some sort of upset. It was about dealing with how he kept going in his sport as long as he did. It was very good and I feel the older guys were quite interested."
Asked about what sort of experience it was to meet different sporting people, the Australian captain replied: "It's something we have actually tried to encourage since Buchanan took over. We try and learn things from them if we can, just listen to the words and values of the way they approach things."
Australia's cricketers also met Manchester United manager Sir Alex Ferguson during the 2005 Ashes in England.