Racing: Phar Lap rated best Melbourne Cup winner

Legendary racehorse Phar Lap has been given top weight of 60 kilograms in a fictional field for the greatest ever Melbourne Cup.

Racing Victoria's chief handicapper Greg Carpenter rated his top 24 horses and gave the 1930 winner the honour of the number one saddlecloth ahead of Carbine (59kg) who won in 1890.

Three-time winner Makybe Diva (2003-2005) and Peter Pan (1932) received 58 kilograms.

The field was unveiled at a function at the Melbourne museum on Wednesday to celebrate this year's 150th running of Australia's most famous race.

Phar Lap's mounted hide is on display at the museum.