Champion jockey Damien Oliver and master trainer David Hayes were named as inductees into the Australian Racing Hall of Fame on Tuesday.
The pair was among seven racing icons named as this year's inductees - the others being champion mares from yesteryear Tranquil Star and Wenona Girl, trainer Bob Hoysted, jockey Frank Dempsey and prominent breeder Percy Miller.
All will be formally inducted at an official function next Monday night in Melbourne.
Oliver's induction will make him the youngest of the 25 jockeys named in the Hall of Fame since its inception in 2001.
"You look around and you see mostly older people, people who have been in the industry a lifetime," said Oliver, 36.
"So to get recognition at such a young age is really exciting."
A winner of 78 Group One races, Oliver's greatest highlight was his second Melbourne Cup victory aboard Media Puzzle in 2002 which he dedicated to brother Jason Oliver, who died only eight days prior.
Hayes joins his father Colin, who was an inaugural inductee, on the honour roll.
The 45-year-old has trained with great success in Hong Kong and Australia, where he has won Victoria's big three races - the Caulfield and Melbourne Cups and the Cox Plate - and been a multiple premiership trainer in Adelaide and Melbourne.
Since returning to Australia in 2005, Hayes has won the world's richest two-year-old race, the Golden Slipper, and trained the quinella of three consecutive Blue Diamonds Stakes.
Better Loosen Up, Miss Finland, Fields Of Omagh and Jeune are among the list of superstars who have been through Hayes' Lindsay Park stables in South Australia.
Tranquil Star, who has a black-type race named after her, raced 111 times between 1939 and 1946, winning 23 times, including two Cox Plates and a Caulfield Cup.
Wenona Girl was a great sprinter who also won up to 2400m. She had enough raw speed to win races such as the Lightning Stakes and Linlithgow Stakes but also sufficient stamina to win an AJC Oaks.
Hoysted, a member of one of Australia's most famous racing families, made his name as the trainer of champion sprinter Manikato, who he prepared following the death of his brother Bon.
He also trained gallopers such as River Rough, Rose Of Kingston, who was a star two and three-year-old, as well as outstanding stayer Sydeston, who won a Caulfield Cup.
Dempsey had a career spanning 30 years during which he developed a reputation as one of the most stylish jockeys of his era.
He won the Caulfield Cup as a 16-year-old aboard Lavendo and also rode Eurythmic, a 2005 Hall of Fame inductee, to 20 of his victories.
Miller founded the Kia-Ora stud in 1914 and, until its demise in 1959, bred leading sires such as Magpie, Midstream and Delville Wood, the trio producing stars of the turf such as Shannon, Windbag, Amounis and Evening Peal.