The Chris Waller-trained Yellen has provided Sydney's leading jockey Hugh Bowman with his first winner at this year's Melbourne Cup carnival.

The victory by Yellen in Thursday's Red Rock Deli Plate (1700m) was even more significant for Victoria Racing Club chairman Michael Burn who is a part-owner of the mare.

"It's great to have a first ever winner at Flemington after many, many years of trying hard," Burn said.

"I've had a winner at a VRC meeting before but that was when we had the place closed and were rebuilding the track, and we won at Caulfield.

"So I've been close, but this is the first time. I'm very excited to do it on a carnival day."

Yellen, the $5 favourite, won by 1-1/4 lengths over Unfurl with another half-head to Champagne Cocktail in the opening race on VRC Oaks day, the third of four meetings during Cup week.

It was Yellen's third win from 10 starts and followed a provincial win in NSW less than two weeks earlier.

"That's what makes the Flemington carnival such a special occasion," Waller said.

"It's not just about winning a Melbourne Cup or an Oaks or a Derby. There's a race for every horse and it's great for the owners."

Bowman notched his first winner of the week with Yellen travelling wide against the pattern of the first two days.

"On that performance we may see the track play a bit fairer today compared to the first two days," Bowman said.