Boro failed to win for the ninth game in a row on Tuesday when they were beaten by goals from Aaron McGowan and Mitch Pinnock.
Tisdale only joined Stevenage in November but he has failed to lead the club away from relegation trouble. They are only one place and three points above the relegation zone having played two games more.
Chairman Phil Wallace said: “Paul has worked tirelessly for us since he joined but we have won three points from the last nine games to drop into a relegation fight. With nine games to go, we have to change our fortune and we are hoping Steve will do that."