Rust (18), a longboard specialist, was sixth on the tour last year.
He was also runner-up in the under-18 boys division.
Bad weather forced the first event of the tour to be cancelled but in the second, at Whangarei's Sandy Bay two weeks ago, Rust finished 17th.
He will have an advantage because of the turbulent nature of the best surf beaches around Dunedin.
It is the first time Dunedin has been included on the longboard tour and it is expected to test the ability of the surfers.
It is also the first time Rust has had the chance to compete in a major event in home waters.
Rust, who started using the longboard when he was a pupil at Logan Park High School, is the son of Dunedin surfing identity Rod Rust.
His mother is Katherine Greer, who is the managing director and co-founder of Hydro Surf.
Rust, one of the taller surfers on the tour, won his first national title when he took the gold medal in the boys under-18 longboard event at Opunake two years ago.
In 2007, he won the South Island under-16 stand-up surfing circuit and the Kaikoura pro junior longboard title.
Ohope surfer Dylan Barnfield will go into this weekend's event as the No 1 seed after winning the Sandy Bay leg of the tour.
Barnfield won his first major title of the longboard division last year at Mount Maunganui.
He was fourth overall on the tour.
Daniel Procter (Gisborne) will be keen to get his season back on track after being pushed down the table by the international surfers at Sandy Bay.
Procter finished runner-up to Michael Burling (Hawkes Bay) on last year's tour.
Other North Island surfers in contention include Thomas Kibblewhite (Auckland), Owen Barnes, Ant McColl (both Mount Maunganui) and Steve Morris (Auckland).
Shane Baxter (Christchurch) was seventh at Sandy Bay and first in the standing paddleboard division that is new to the longboard tour this year.
Other Christchurch surfers competing are Luke O'Neill, defending women's champion Daisy Thomas, Grant Cochrane and Mark Calcutt.
The remaining events of the longboard tour are at Whangamata (March 6-7) and Port Waikato (March 26-27).
