Twenty of the world's bravest surfers, including Australian Mick Fanning, are perched ready to travel to Tasmania to ride some of the world's biggest waves.

The Cape Fear invitation-only surfing competition has announced it is holding its next big wave event at Tasmania's notorious Shipstern Bluff.

Known as the "Devil's Point", Shipstern is one of the wildest and most dangerous locations for big wave surfing in the world.

It is a 30-kilometre boat ride from the shore to the bluff in Tasmania's far south-east.

When the conditions are right, waves can reach up to 6 metres into the air, with 27 Olympic swimming pools of water breaking over the shallow reef.

The competition will be held sometime over the next five months, when weather conditions throw up optimal swell for big wave surfing.

Surfers will have a 48-hour window to make it to Tasmania.

Ryan Hipwood practises at Shipstern Bluff in Tasmania. ( Red Bull/Andrew Chisholm )

Hero surfers to feature in Cape Fear event

Event organisers have invited 20 surfers to take part.

Included in the line-up is recently retired pro surfer Mick Fanning and Brazil's Pedro "Scooby" Vianna.

Fanning said Cape Fear would be a real challenge.

"To test myself against the ocean but also against my favourite big wave surfers will be a real honour and I'm going to relish the challenge."

Half the field is made up of Tasmanians, who frequently ride the big waves of Shipstern.

Clifton Beach surfer Marti Paradisis said the event would not have gone ahead without the pioneering efforts of fearless local surfers, who have been riding the monster waves for years.

The event will be closed to spectators but will be streamed live on the internet.

Two of the competitors, Zebulon Critchlow and Tyler Hollmer-Cross, made news in June after they helped to save two fisherman from an upturned boat in pounding surf.

Mr Critchlow later told the ABC how he had tried desperately to save a third fisherman who died in the incident.