Not even a Melbourne Cup can make Stevie Payne like Prince of Penzance above all other horses.

As Ballarat welcomed home their Cup-winning heroes with a street party, the popular strapper let slip that another Group 1 winner still has his heart.

"Platelet ... she's a superstar," he said, to the delight of several hundred locals.

But the mare, now at stud after winning 10 from 32 starts, never received the superstar welcome given on Friday to Payne, his sister and jockey Michelle, and trainer Darren Weir.

Even the horse that did it all, Prince of Penzance, featured in the group's triumphant return.

Weir heaped more praise on Michelle Payne, the first female jockey to win in the 3200m race in its 155-year history.

"She listened to me for about 2400m of the race and then I'm glad she took it into her own hands," Weir said.

"Some of the world's best riders (were) there and she out rode them."

Michelle Payne, who grew up on a farm on the outskirts of Ballarat, was presented with a commemorative gold pan by the mayor of the famous gold mining town.

Weir runs one of his two stables in Ballarat, having moved to the regional city in 2001.