Racing fans will line up for a glimpse of Melbourne Cup royalty when the annual pre-race parade brings Australasia to a standstill.

Australia's first lady of racing, trainer Gai Waterhouse, will travel through Melbourne in a horse-drawn carriage in front of an expected crowd of tens of thousands of people.

Racing royalty of the four-legged kind - previous cup champions Might and Power, Doriemus, Brew, Rogan Josh and Efficient - will join the parade, as will the cup itself:an 18 carat solid gold creation worth $175,000.

The Melbourne Cup runs at 5 on Tuesday our time.