EUROA'S Labour Day Tennis Tournament has a one in three chance of being named Australia's top tournament.

The event has been named as a finalist in the most outstanding professional tournament category in the Newcombe Medal, Australian Tennis Awards, to be announced next week.

Euroa Lawn Tennis Club president Bob Furphy said he was ecstatic about being a finalist in the award.

"This is a brilliant achievement for our small town," he said.

"We have been doing this for a long time and we're really proud of the tournament we put on each year.

"While we know it's a great event, it's just so nice to have it recognised more widely."

Mr Furphy and his wife Gayle (tournament manager) have been involved in running the annual event for more than 25 years.

"This recognises a lot of blood, sweat and tears from many people over many years," he said.

"I am so grateful to the tournament army which turns up year after year."

The Labour Day Tournament, held for the 92nd time in March this year, closed entries just 20 minutes after opening to the public.

"The tournament is very popular with teams and players knowing they have to get in quickly to secure entry," Mr Furphy said.

"Players appreciate that we run a professional tournament and keep to a tight schedule."

The criteria for the award stated the event must offer a complete package of on and off court activities, a high standard of player amenities, a positive tournament atmosphere and engagement from sponsors, the community and local media.

Tennis Australia chief executive officer Craig Tiley said the awards provided an opportunity to recognise the efforts of professional players alongside the grassroots tennis community.

"Tennis clubs, volunteers, officials, coaches, schools and junior rising stars of the game remain at the very heart and soul of tennis in Australia and their efforts are commendable," he said.

"To be part of the Newcombe Medal, Australian Tennis Awards is a wonderful honour and I wish all the nominees and finalists the best of luck."

The tournament was named most outstanding tournament at the Tennis Victoria Awards in October.

The winner of the national award will be announced on December 12 at a ceremony in Melbourne.