Digital billboards - mounted on the sides of trucks and reportedly paid for by local businesses, including a brothel - depict Victorian Premier Jacinta Allan wearing a witch's hat next to the "Ditch the Witch" slogan.
They have been driven around the streets of Melbourne since May.
The campaign has been criticised by leaders with Anthony Albanese on Monday suggesting such personal attacks could lead to political violence.
"You don't have to denigrate people in such a personal way. It has got to stop," he told reporters in Canberra.
"What I don't want to do is to have a press conference in this courtyard after a tragedy."
Senator Hanson, who referred to former Nationals leader Tim Fischer calling her a witch and saying she "should be burned at the stake", was less sympathetic.
"Suck it up, sweetheart," the One Nation leader told Ms Allan in a Sky News interview.
Mr Albanese drew a direct parallel to the abuse suffered by former prime minister Julia Gillard, who was targeted with the same slogan during her time in office.
"The sexist campaign targeting the Victorian premier is totally unacceptable and has no place in public life," he said.
"We want to encourage women to enter public life and it should be a contest of ideas, not personal attacks."
Ms Allan, who is contesting the Victorian election in November as Labor leader, condemned the billboards, describing them as sexist.
"I cannot stand back and let Victoria become a place where this sort of thing is fair game against any woman at work - or any woman in leadership," Ms Allan said in a post on social media.
Opposition Leader Jess Wilson said the advertising was sexist and inappropriate.
"There are many criticisms of Premier Jacinta Allen ... but that sort of language is not appropriate in politics," she said.
Victorian Liberal senator Jane Hume said sexism has no place in politics.
"It's perfectly fair and reasonable to criticise a policy ... a party ... a politician, but you don't need to go to gender to do that," she told Sky News.
In a comment on Ms Allan's post, Animal Justice Party MP Georgie Purcell supported the premier, saying "an attack on one of us is an attack on all of us".
"The growing normalisation of misogyny disguised as criticism needs to end," Ms Purcell wrote.
Ms Gillard, who had the slogan used against her 15 years ago, said she was disappointed, disgusted and angry to see the "tired, old trope resurrected".
"Why should women and girls in Victoria be subjected to such visible misogyny?" she said in a statement online.
Franco Puleo, owner of the Gotham City brothel in South Melbourne, said he had funded part of the advertising campaign against Ms Allan with other local business owners, but denied it was sexist.
"(Allan) doesn't answer questions. She's not accountable to everything … It's just how people are feeling," Mr Puleo told The Age.
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