Commanding Jewel will not travel to Brisbane for Saturday week's Group One Tattersall's Tiara at Eagle Farm.
Trainer Leon Corstens decided against sending the mare north after she trialled at Wangaratta on Friday morning.
The 2012 Thousand Guineas winner won her trial but managing owner Brad Spicer said the heavy conditions prevented Commanding Jewel from galloping flat out.
"Michael Rodd looked after her in the wet conditions so she didn't get the fitness benefit from the trial," Spicer said.
"The overnight rain on the track was probably the nail in the coffin for the Tatt's Tiara."
A succession of injuries have prevented Commanding Jewel from racing since her win in the Group Two Let's Elope Stakes last September.
Spicer says Corstens was not comfortable taking the four-year-old to Brisbane while unsure of Commanding Jewel's fitness.
The syndicator said Commanding Jewel needed to be 100 per cent fit when tackling classy mares such as Catkins and Red Tracer in the Tatt's Tiara.
"We can't be guessing as to whether she is fit enough in a race like the Tatt's Tiara," Spicer said.
Commanding Jewel will have a short break before preparing for a spring campaign.
Spicer said Commanding Jewel would avoid wet tracks early in the spring but could attempt to win a second Let's Elope Stakes at Flemington.
Commanding Jewel's main spring target is the Group One Myer Classic on Derby day but Spicer did not rule out a Cox Plate bid with the rising five-year-old.
Meanwhile, Steps In Time will run in the Tatt's Tiara after pleasing trainer Joe Pride with a barrier trial win at Warwick Farm on Friday.