To mark the occasion the East Loddon Historical Society will commemorate the Second Peace Loan Aerial Derby with a plaque.

It includes the names of the four pilots and four mechanics that flew in the original race as well as the aerial derby organiser. It will be unveiled on Remembrance Day.

East Loddon Historical Society historian Mary Davidson said the COVID-19 pandemic delayed commemorating the air race on the actual day it was held.

"COVID-19 restrictions this year meant the ceremony to commemorate the 100-year anniversary on 27 August was unable to go ahead," she said.

"With the easing of these restrictions, the ceremony is now planned for 11 November - with a limit of 10 guests as per current restrictions.

"Other members of the public wanting to witness this special event are more than welcome to attend, but strict COVID-19 restrictions will apply.

"Funding for the plaque has been supported by a bequest of Mary Kentish of Pompapiel, who was a very keen supporter of the East Loddon Historical Society."

Serpentine became the scene for Australia's first official air race as the popularity of airplanes took off around Australia.

A monument was originally erected in 1983 highlighting the pilots - Lieutenant WH Treloar, Captain RW McKenzie, Captain CC Matheson and Lieutenant EA Mustard.

The race flew to St Kilda and around the Christ Church spire before heading to the General Post Office in Elizabeth Street, Melbourne, before finishing at Melbourne Town Hall.

The race was won by Lieutenant Treloar in one hour, 15 minutes and 17 seconds with second and third place arriving two minutes later and separated by eight seconds.

A reenactment of the 1920 air race was planned for March but was postponed until next year due to the pandemic.

The 2020 centenary plaque will be placed in TJ Rudkins Reserve on the existing 1983 Australia Day ceremony and propeller monument.