Black Caviar's stature in Australian racing has been further recognised with her induction into the Racing Hall of Fame.

The highest honour at Thursday's induction ceremony went to Carbine who was elevated to Legend status alongside Phar Lap, Makybe Diva, Bart Cummings, Arthur Scobie Breasley and TJ Smith.

Carbine, who carried a record 66kg to victory in the 1890 Melbourne Cup, also had an illustrious career at stud and his blood is carried by many of the champions of the modern era.

The unbeaten Black Caviar, who won her 23rd race last Saturday, is just the second horse inducted before retirement, the other being dual Cox Plate winner Sunline.

The Australian Racehorse of the Year for the past two seasons, Black Caviar was officially ranked the world's best sprinter for 2012.

Her managing owner Neil Werrett said he was humbled by the honour and paid tribute to her trainer Peter Moody and jockey Luke Nolen.

"We have been very lucky as owners and very honoured," Werrett said.

"None of this could have happened without the horse, jockey and trainer.

"We are very lucky to have somebody in charge of her like Peter.

"It is an honour being with horses such as Tulloch and Kingtson Town."

Bob Charley, chairman of Australian Racing Hall of Fame, said although it was not usually the policy of the committee to induct horses while they were still racing, Black Caviar was a deserved exception.

She was joined at Thursday's induction ceremony by three great horses of the past - Crisp, Delta and Star Kingdom.

Crisp was Australia's most famous jumper, Delta won the 1951 Melbourne Cup while Star Kingdom sired the first five Golden Slipper winners.

Hughie Cairns, a dual flat and jumps rider who in 1926 became the first rider to win the Cox Plate and Melbourne Cup in the same year and Victoria's champion apprentice of the late 1950s, Geoff Lane, were the jockeys inducted.

The late Bruce McLachlan, the winner of 16 Brisbane training premierships, was the lone trainer inducted, while the three associates were renowned Sydney farrier Albert O'Cass, leading South Australian bloodstock agent and administrator David Coles, and the inventor of the electronic totalizator, Sir George Julius.