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Rising Australian star Oscar Piastri has become the latest recipient of the Sir Jack Brabham Award following his 2020 Formula Three championship success.

Melbourne teenager Oscar Piastri has joined an honour roll including Mark Webber, Will Power and Daniel Ricciardo after being awarded the Sir Jack Brabham Award by Motorsport Australia.

The 19-year-old enjoyed a spectacular rookie campaign in the Formula Three championship, winning the title in a year disrupted by the global COVID pandemic.

First awarded in 2006, the Sir Jack Brabham Award is presented to Australian drivers who achieve notable success on an international level.

It is named in honour of Brabham - a three-time Formula One world champion who also raced at the iconic Indianapolis 500.

"To win this award is a massive honour," said Piastri, who will be competing in Formula Two in 2021 on the next step towards his own Formula One ambitions.

"It's very special ... winning the award is one of those things where it's a real honour to have it on your CV.

"It's cool to get the award and it's only going to bring good things for my career."

Past winners of the award include IndyCar star Power, F1 race winners Ricciardo and Webber as well as rally champion Cody Crocker and Porsche factory works driver Matthew Campbell.

As well as his Formula Three success, Piastri also ended 2021 by test-driving Renault's Formula One car.

His debut Formula Two championship campaign begins with testing next month before the eight-round season gets underway at the Bahrain Grand Prix in March.

SIR JACK BRABHAM AWARD WINNERS

2020: Oscar Piastri

2018: Will Power

2017: Matthew Campbell

2014: Daniel Ricciardo

2012: David Brabham

2011: Tony Gaze

2009: Marcos Ambrose/Mark Webber

2007: Will Power

2006: Cody Crocker/Ben Atkinson