The 20-year-old was on the Eagles' rookie list for the 2012 season and played for WAFL team West Perth.
"Michael was a larger than life character and loved the West Perth Football Club, and [was loved] by everyone at the club and we wish our sincerest condolences to his family at this terrible time," West Perth management said on the Falcons' Facebook page.
Mascoulis was recruited with the Eagles' first selection in the 2011 NAB AFL Rookie Draft, No.15 overall, and was delisted without playing a game the following year.
From Victoria, Mascoulis played for the Northern Knights before he was rookied.
The left-footed winger was picked up by the Eagles despite missing most of his draft season and the under-18 championships with a serious back-related hamstring problem.
He played for West Perth while at the Eagles and stayed with the Falcons this season after he was delisted.
He played four league matches for them this year and 21 in the reserves, including the grand final in September, and also played a game in the Foxtel Cup.
Mascoulis would have turned 21 in January.
Twitter: @AFL_JenPhelan
