The latest accolade for Melbourne Cup-winning jockey Michelle Payne is the naming of a V/Line train in her honour.

"The Payne Train" was unveiled at Ballarat station on Tuesday and will travel across Victoria's statewide train network.

Payne, who last month became the first female jockey to win the Melbourne Cup, said it was an honour to have the train named after her.

"I'd like to really thank V/Line and the city of Ballarat," Payne said.

"I'm a very proud Ballarat girl."

The VLocity train is the first to be named after a sporting personality.

Previous V/Line trains in the sprinter class carried names of sporting identities such as Steve Moneghetti, Bill Roycroft and Roy Higgins while N Class trains have been named after Victorian regional cities.

"They were named more than a decade ago and this will be the first of our new generation VLocity train in the fleet to be officially named," V/Line chief executive Theo Taifalos said.

Payne made the trip to Kyneton following the unveiling where she took out the second race on the program aboard the favourite Snitzel Music.