Kerrin McEvoy was so busy riding Excess Knowledge out to the finish line it wasn't until he pulled up that he realised his sister-in-law had won the Melbourne Cup.

McEvoy finished seventh on the Gai Waterhouse-trained Excess Knowledge after momentarily hitting the front at the 300 metres.

But he knows how Michelle Payne would be feeling after etching her name into Cup history with her victory on Prince Of Penzance.

McEvoy, who is married to Payne's sister Cathy, won the Cup on Brew 15 years ago and said he couldn't be happier for Michelle.

"I didn't (know she had won) until I pulled up," McEvoy said.

"I was riding hard myself and then I looked up and saw her in front and I couldn't believe it.

"It's an unbelievable thrill for the family, for Michelle to be the first female to win it.

"It's a fairytale story. We've got Stevie (Payne) there working hard in the stable and drawing the barrier and leading the horse up.

"I'm rapt for Michelle, and for `Weiry' (trainer Darren Weir) and it's great for the Payne family to be on the list of winning jockeys."

Michelle Payne is the youngest of 10 children with her brother Stevie the second youngest.

Older brother Patrick, now a trainer, was a star jockey with his big-race wins including a Cox Plate on Northerly.

But he didn't get his hands on a Melbourne Cup in eight attempts.

Another of Payne's siblings, Andrew, rode in a Melbourne Cup in 1996.

Prince Of Penzance was Michelle's second ride in a Melbourne Cup after she finished 16th on Allez Wonder six years ago.