John Sargent clearly recalls one of the most famous Melbourne Cup victories and is hoping for his own magic moment at Flemington.

It was the famous last-to-first win by Kiwi in 1983 which ignited Sargent's Cup dream.

Thirty two years later, the New Zealand trainer who is now based in Sydney, saddles up Gust Of Wind in Tuesday's $6.2 million Melbourne Cup at Flemington.

Gust Of Wind has been aimed at the Cup since her win in the ATC Australian Oaks in April and she will be Sargent's second starter after Red Ruler was unplaced in 2010.

"As soon as you're a little kid in New Zealand you follow the Melbourne Cup. But my wife is actually from Waverley and next to her farm is where Kiwi was trained," Sargent said.

"I worked up there as well, so Kiwi really got us into the game.

"(Trainer) Snowy Lupton used to ride him around the farm and Kiwi was like a cult hero when he won that race.

"We were at the pub in Waverley and everyone was going mad when he came across the line and won.

"It's as big in New Zealand as it is in Australia."

Gust Of Wind was fourth in the Caulfield Cup at her most recent start and has 51kg with Hong Kong-based Chad Schofield to take the ride.

Sargent believes Gust Of Wind's Cup preparation has gone perfectly with the mare finishing fourth in the Caulfield Cup at her most recent start.

"We had the two runs we wanted around Flemington (Makybe Diva and Turnbull Stakes). She was unlucky both times but hit the line strongly," he said.

"And we worked out that probably the best form guide going into this race is the Caulfield Cup.

"I knew the track wouldn't suit her, but she ran very well finishing fourth and I think there's improvement going back to Flemington."

Gust Of Wind has a wide barrier but Sargent hopes Schofield can find cover off the pace and start building momentum into the race and be there challenging at the business end.

"It's a dream to be here, half the field is European horses and we're lucky to get one in there, so it's a great thrill," Sargent said.

"I think she's right there in it."