"So sad to learn of the passing of yet another friend, Malcolm Young. He will be sadly missed. God Bless @ACDC," the singer wrote on Twitter.
Canadian Bryan Adams is among those to have noted the influence Young had on his own and others' music.
"RIP Malcolm Young. Your guitar playing was a huge inspiration. Thanks for that," Adams said on Twitter.
Others to have paid homage to Young on social media include Motley Crue co- founder Nikki Sixx, Rage Against the Machine axeman Tom Morello, KISS frontman Paul Stanley, Rolling Stones guitarist Ronnie Wood and solo artist Ryan Adams.
Young was replaced by his nephew Stevie for AC/DC's last tour promoting the 2014 album Rock Or Bust, after dementia forced him into retirement.
He died peacefully on Saturday with his family by his bedside, a statement said.
"Renowned for his musical prowess, Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many," the statement from his family read.
"From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans."
Formed in Sydney in 1973 by Malcolm and his younger brother Angus, AC/DC built a loyal Australian fanbase on the back of relentless touring and albums such as Powerage and Dirty Deeds Done Dirt Cheap.
The band survived the 1980 death of frontman Bon Scott, returning with the classic Back In Black, which remains the second-biggest selling album of all- time with an estimated 50 million copies sold worldwide.
Young last featured on the band's Black Ice tour, which ran from 2008 to 2010 and is survived by his wife, Linda, and their children Ross and Cara.
Angus Young took to AC/DC's Facebook page to share the news.
"As his brother it is hard to express in words what he has meant to me during my life, the bond we had was unique and very special," he posted.
"He leaves behind an enormous legacy that will live on forever.
"Malcolm, job well done."
Malcolm and Angus' older brother George, who paved the way for his siblings with legendary 1960s group The Easybeats before finding further success as a songwriter and producer with ex-bandmate Harry Vanda, died last month aged 70.