The freestyle skier from Calgary had a poor first run but turned in a decent effort in the second run to finish with 74.20 points.
American Maddie Bowman won gold with a score of 89.00 points on a mild evening at Rosa Khutor Extreme Park, edging Marie Martinod of France (85.40).
Ayana Onozuka of Japan won bronze with 83.20 points in the sport's Olympic debut.
Groenewoud won a silver medal at the X Games last month, just over five weeks after undergoing double knee surgery. She won a world title in 2011.
Edmonton's Keltie Hansen was 13th with 66.20 points, missing the cut for the final round by just four points.