Kaminski guided Palace to the Women's Championship title last season, securing their promotion to the WSL.
However, their first season in England's top division has been a difficult one with just one win in 14 games.
"This has been an extremely difficult decision for the club to take," Palace chairman Steve Parish said.
"Laura has made a fantastic impact since arriving in the summer of 2023, getting the club promoted to the WSL for the first time in its history."
With eight league games remaining this season, Palace are four points adrift of 11th-placed Aston Villa in safety.
Palace's next game is against Liverpool in the WSL on Sunday.
The club said they will provide an update on Kaminski's replacement in due course.
Parish added: "Laura has given her all, on and off the pitch, and she leaves here with all of our thanks and best wishes for the future."
Kaminski's exit is the second WSL managerial departure in as many days, with Liverpool sacking Matt Beard on Thursday.
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