Four Australian trainers and one from abroad are in the running to win this year's Fred Hoysted Medal at the Victorian Racing Awards.

The Fred Hoysted Medal is awarded to the trainer considered to have delivered the most outstanding individual training performance during the season in Victoria, with the winner for the 2018-19 season to be announced on Saturday night in Melbourne.

Charlie Appleby, Tony McEvoy, Patrick Payne, Adam Trinder and Chris Waller have been announced as the finalists.

A selection committee, comprising members of the Australian Trainers' Association and RV Handicapping Panel, put forward 20 training performances from across the 2018-19 season for consideration.

That number was subsequently reduced to five by a panel of 50 voters, made up of members of the racing media.

Godolphin trainer Appleby is a finalist for winning last year's Melbourne Cup with northern-hemisphere bred three-year-old Cross Counter.

Appleby became the first English trainer to win the Melbourne Cup.

McEvoy's nomination is courtesy of three-year-old filly Sunlight's victory in the Group One Newmarket Handicap at Flemington in March while Payne is among the list for preparing Zed Em to win the Grand Annual Steeplechase at Warrnambool in May, carrying 70kg.

Tasmanian trainer Trinder is one of the finalists for preparing Mystic Journey to win the inaugural $5 million All-Star Mile at Flemington in March two weeks after she had won the Australian Guineas.

Sydney's premier trainer, Waller, is in the running for training champion Winx to her record-breaking fourth-straight Cox Plate win last spring.

Saturday night's Victorian Racing Awards features the Scobie Breasley Medal for jockeys, which recognises excellence in race riding over the Victorian flat racing season.