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TJ Smith has been elevated to legend status in the Australian Racing Hall Of Fame which has honoured horses and people for their status in racing,

The late TJ Smith has been honoured as a legend in the Australian Racing Hall of Fame.

An inaugural inductee to the Hall of Fame in 2001, Smith joins Phar Lap, Bart Cummings, Scobie Breasley and Makybe Diva as legends of the turf.

Smith won 33 consecutive Sydney trainers premierships before Brian Mayfield-Smith ended his domination in 1985-86.

TJ bounced back three years later in the twilight of his career to win another title.

Among his major race wins were seven Cox Plates, six Golden Slipper Stakes, four Caulfield Cups and two Melbourne Cups.

His two champions, Tulloch and Kingston Town, were both among the original Hall of Fame recipients.

His daughter Gai Waterhouse, also a Hall of Fame trainer, accepted the award on behalf of her father in Sydney on Friday.

"I have won seven trainers' premierships in 20 years so to think he won 34 shows how great he was," Waterhouse said.

"I'm trying to win my first Australian Derby and he won nine."

Colourful jockey Jim Cassidy joined the late Athol Mulley as the two jockeys to enter the Hall of Fame.

The winner of 84 Group One races including two Melbourne Cups, Cassidy said his career was far from over as he approaches his 50th birthday early next year.

Mulley is best known as the regular partner of the great wartime hero Bernborough.

The trainers to be inducted were Grahame Heagney whose most famous horses were Tobin Bronze and Gatum Gatum, and dual Melbourne premiership winner Theo Lewis.

Five horses added their names to the list.

Internationally acclaimed sprinter Takeover Target was represented by his former taxi driver trainer Joe Janiak.

A bargain buy at a tried horses sale for $1375, Takeover Target earned more than $6 and took Janiak on the ride of a lifetime winning races in England, Japan and Singapore as well as every mainland state of Australia.

He was joined in the Hall of Fame by Let's Elope, Thero, Redcraze and Octagonal.

Phar Lap's constant companion Tommy Woodcock gained further recognition with his induction as an associate.

Although he was later a successful trainer in his own right, Woodcock's fame was as the strapper of Phar Lap.

Guests at the ceremony lined up to have their pictures taken with Woodcock's training suitcase containing items from Phar Lap's gear including his rug.