In 2006 the race was renamed in honour of Danehill, the leading sire of winners in Australia for nine consecutive seasons (1996–97 to 2004–05).
Prior to 2005 the event was scheduled on the first day of the VRC Spring Carnival - Victoria Derby Day.
The VRC moved the race to September. The race known as Ascot Vale Stakes was moved from September to Victoria Derby Day and classified as a Group 1 event.