Balding may be best known for her 23 appearances, from 2002 through 2006, in the television series Charmed as Elise Rothman, newspaper editor-in-chief and Phoebe's boss (Balding first appeared on Charmed in the guest role of Aunt Jackie in the first season episode The Fourth Sister). Balding was previously known for her role as Carol David on Soap, appearing in 18 episodes from 1978 through 1980. Balding played Corky Crandall in 1979 in the sitcomMakin' It, as well as the original female reporter Carla Mardigian during the first three episodes of the inaugural 1977 season of the drama series Lou Grant, starring Ed Asner, before that character was written out for a different female reporter. That same year she again appeared with Asner, playing his daughter Julie, in the classic Christmas TV film, The Gathering. In 1980 she starred in the pilot of the sitcom Mr. and Mrs. and Mr., that was never progressed as a series. In 1996 she made a guest appearance on 7th Heaven as Ellen, the mother of Matt's new girlfriend Tia.
Balding attended the University of Kansas. She is married to television producer James L. Conway, whom she met whilst auditioning for part in Conway's 1981 horror movie The Boogens.