Campaign group “Feminists of London” organised the digital event, after a vigil at Clapham Common was banned by the police.
Ms Toksvig said she did not “want to attend a vigil for a young woman with her life before her.”
“I have two daughters about the same age as Sarah,” she said.
“Tomorrow is Mother’s Day. Never have I felt more passionately concerned about my kids.
“It surely cannot be asking too much to want them simply to be free, to walk where they like, when they like.
“I am filled in equal measure with profound sorrow and rage, and I know there are many who share this rage and I think it is entirely justifiable. But I also know that it will harm rather than help us if we don’t try and direct that anger to good purpose.”
She added: “Tonight we reflect that when the vigil is over, the work begins.”
A minute’s silence was held in honour of Ms Everard followed by a series of speakers who rallied against violence against woman on the Facebook Live event.
Participants were also asked to place a lit candle in their windows.
Organiser Jo Atkins-Potts said Sarah’s death had “electrocuted the world”.
“This week electrocuted the world, because it speaks to the experiences of women everywhere,” she said.
“Sarah’s death is a horrific tragedy, and we grieve.”
Ms Atkins-Potts added that the event was for women who walk the long way home and who don’t wear headphones.
“We’re here for every woman who walks the long way home because it’s better lit”, she said.
“We’re here for the woman who doesn’t run with headphones.”
Organiser Parveen Butt asked participants to light candles in hour of Sarah Everard.
Ms Butt said: “When we start out silence I invite you all to light a candle to honour Sarah.
“It will symbolise our collective solidarity in this moment.”
Poet Pia Stanchina then gave a reading of Maya Angelou’s poem “Still I rise.”
Viewers commented candle emojis under the live stream.
It came after organisers Reclaim These Streets announced on Saturday that a vigil planned for Saturday in Clapham, south London, near to where Ms Everard disappeared, had been cancelled.
Despite this, hundreds of women flocked to the park to remember Ms Everard, loudly booing when police arrived to break up the event.
Met Police officer Wayne Couzens has been charged with her murder and kidnap.
He appeared at Westminster Magistrates Court on Saturday and was remanded in custody.