Melbourne Cup winning jockey, Michelle Payne, and her strapper brother, Steven Payne, have been named as this year's Moomba monarchs.

The pair will preside over Melbourne's traditional Labour Day weekend festivities.

Ms Payne said she was so happy to enjoy the experience with her brother.

"It's such a great honour that you would choose Stevie and I," she said.

"This is going to be an awesome thrill to be a part of the festival and we are so excited."

A Thai dancing group will be among participants in this year's Moomba event. ( ABC News: James Dean )

Former cricketer Shane Warne and Melbourne-born Bollywood star Pallavi Sharda were last year's Moomba's king and queen.

The tradition of naming a king and queen of Moomba ended in 1999 but returned in 2010 after a large response from the community to have them returned.

"We have learnt that having the monarchs of Moomba is an integral part of the festivities and I couldn't think of anyone else to be this year's monarchs," Melbourne Lord Mayor Robert Doyle said.

Cr Doyle today launched the festival's program, with the event now in its 62nd year.

More than 1 million people attended last year's event.

"Every year we try to celebrate everything that makes Melbourne great, our multiculturalism, the champions of our community, our creativity, our sporting prowess," Mr Doyle said.

Councillor Beverley Pinder-Mortimer said Moomba had "etched itself into the hearts of Melburnians."

Last year Ms Payne became the first woman to win the Melbourne Cup, riding Prince of Penzance.