The Australian Grand Prix winner's trophy will be named in honour of triple world champion the late Sir Jack Brabham.
Brabham, who is unique in Formula One history as the only driver to win a world title in a car bearing his own name, the Brabham BT19, died at the age of 88 on May 19.
He is already recognised on the current trophy which carries a laminated studded timber trim replica of the steering wheel from his Cooper Climax racing car - the vehicle he used to win his first F1 World Championship in 1959.
Daniel Ricciardo, the talented West Australian driver who is currently sitting in third in the World Championship standing after taking his maiden victory in last weekend's Canadian Grand Prix, has described Brabham as an inspiration.
"What he achieved was incredible and I think paying tribute to him each year with the Australian Grand Prix winner's trophy is a fantastic way to celebrate this legend," Ricciardo said.
"It would be something very special to be able to lift that trophy.
Brabham will be given a state funeral on Wednesday at the Church of Christ on the Gold Coast.