Up to 4000 keen racegoers are expected to dress in their finest suits, dresses and fascinators and flock to the track.
For the Otago Racing Club, which hosts the meeting, today is the culmination of months of preparation, , chief executive Hannah Catchpole says.
All 1200 tickets for the corporate area were quickly snapped up.
The club will also host 700 students in a special area.
MetService is predicting temperatures will reach 18degC at Wingatui, and forecast rain is expected to hold off until this evening after the racing is over.
Dunedin stylist Sun Dean, of Refined Rig, said a large number of women wanting to get ``race ready'' had come into the shop during the past 10 days.
Ms Dean, one of the Fashions in the Fields competition judges, advised racegoers to be bold with colour and forget conservative black dresses.
``How often do you get the opportunity to wear fascinators and bright colours? Just go for it,'' she said.
Today's feature race at Wingatui is race 5, the $35,000 Open Handicap Sprint, at 2.22pm.
The seven runners are headed by the only local horse in the race, Gallant Boy.
The galloper, trained by North Taieri racing identity Brian Anderton and his son Shane, will take on three Canterbury and three Southland horses.
At 5pm, Wingatui punters will turn their attention to the course's big screen to watch the Melbourne Cup.
Those looking for a patriotic bet have been sent scrambling after two popular New Zealand-bred horses were late withdrawals.
Cambridge galloper Jon Snow was to have been the only New Zealand-trained horse in the race but he was withdrawn on Saturday.
On Sunday, the horse closest to many Otago hearts, Who Shot Thebarman, was scratched. The 9-yr-old Sydney-trained galloper, who was born and bred at Brian Anderton's White Robe Lodge at North Taieri, developed a high temperature.
Those wishing to follow a horse with a Kiwi connection could instead follow Humidor.
Though now trained in Victoria, the horse is bred and raced by former All Black Mark Carter and his siblings, John and Rachel.
Last year's winner, Almandin, has held joint-favouritism for this afternoon's $A6million ($NZ6.65million) race.
The Australian galloper has been rated at $8.50 odds in the lead-up to the race, along with English runner Marmelo.
A total of 12 Australian horses will contest the cup alongside six from Ireland, two from England, one from France, one from Germany and one from Scotland.
