Ladies and gents donned vintage attire at the Fiona Elsey Cancer Research fundraising luncheon in Redan today to celebrate Australia's most famous race.

Guest speaker and author Charlotte Smith shared stories about her vintage Darnell clothing collection, which she inherited from her godmother.

Some of the floral-inspired, tailored designer dresses were on display.

About 150 men and women from Ballarat attended the second annual fundraising event.

Proceeds raised from ticket sales, raffles and the auction will go towards cancer research.

FECRI board member Lisa Hayden hoped this year's donations would match the previous year.

"Hopefully we raise about the same amount," Ms Hayden said.

"There are four research projects that the institute are working on."

Funds raised will assist with lung cancer and chemotherapy trials.

Ms Smith inherited her godmother Doris Darnell's vintage clothing collection in 2004.

Her collection is considered the largest private vintage clothing collection in Australia.

Ballarat presenters Bruce Roberts and Julia Zass were master of ceremonies at the event.

Councillors, members of parliament, media personalities and sponsors also attended the event.