The speedway was the venue for Whanganui's only public fireworks display - the Tradezone Fireworks spectacular, on Saturday night - and hundreds of people attended the event, which included stock and saloon car racing.
Roberts said it was fortunate the rural fire service was already in attendance and were able to get to the blaze quickly.
Six Whanganui fire crews responded to the callout, and the last crew departed at about 10pm, a FENZ spokesperson said.
"It still took quite a while to get it under control, and there was concern that vehicles were in the path of the fire," Roberts said.
"The whole idea of having a public display was to avoid these problems, so this was really disappointing."
Roberts said firefighters did an excellent job of containing the fire and keeping the public safe.
"We had a good water supply with our water truck at the venue, which helped control the fire in the early stages.
"Thankfully, we didn't have to stop the event and send everyone home, because we had a big crowd, and for the most part, it was a great event."
Police were called to investigate the cause of the fire and a police spokeswoman said they were notified of a vegetation fire at 8pm.
"Fire and Emergency New Zealand (FENZ) advised police that the fire appeared suspicious. Police will be liaising with FENZ to see what can be determined regarding the cause and circumstances," she said.