The competition is aimed at families and there will be several prizes, including spot prizes and children's prizes, Mr Burgess said.
"It's always a great event for all types of people. There's a great family atmosphere and there's some extremely good fishing to be had."
If successful, it will remain an annual event, he said.
The Menz Shed will be assisted by the Featherston Lions to run this year's competition.
Fishing runs from 9am to 3pm and covers the area from the opening of Lake Onoke to about half a kilometre east of Whangaimoana.
The prizegiving will be held at 4pm at the hotel.
Tickets are on sale from Lake Ferry and Whangaimoana, with adults costing $20 and juniors $5.
For more information see www.facebook.com/lakeferryfishingcompetition and www.fishingwairarapa.co.nz