The pedestrian was taken to the Royal Victoria Infirmary in Newcastle for treatment following the collision with a car, which happened close to the junction with Geoffrey Street.
The incident is one of several to happen on that stretch of road, neighbours say, with the community pushing for safety improvements.
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Launched just days ago, it has already been signed by hundreds of people who support the campaign.
The petition is set to be handed to South Tyneside Council on Friday, November 20.
It was set up by South Shields woman Donna-Marie Jones, 35, who has family who live in the area, and came across the aftermath of Friday's collision, with her aunt recalling the tragic death of a schoolboy who died following a collision in the same spot in 1997.
The family members of both victims have pledged their backing to the petition.
"It’s awful the lady got knocked down, but it was hearing about the little boy that got to me," said Donna-Marie.
"The crossing is used to get to the park and if you have a pushchair with you, you can’t fit a person onto the island as well, it's just not possible.
"I think this petition is really important.”
A council spokesman said: "We were very sorry to hear of the accident involving an elderly lady and we wish her a speedy recovery.
"Road safety is a core priority for the Council and we will consider any petition that is submitted.
"Further investigation works are necessary at this location to understand the historical road safety concerns raised. Officers will work with the police to understand the circumstances of the accident and look at the options available to improve road safety.”
The petition can be signed via https://www.change.org/p/south-tyneside-council-implementation-of-a-safe-crossing-on-galsworthy-road-south-shields.