Piastri, who has strong family ties to Shepparton, was awarded the Young Athlete of the Year award at Wednesday night’s ceremony.
The reigning Formula 2 champion was recognised for his sublime exploits in 2021 by taking out the award.
The Young Athlete of the Year award recognises junior athletes who have achieved outstanding results at a national or international level.
During 2021, Piastri became the first Australian to win the F2 Championship in his rookie season.
His remarkable year behind the wheel for Prema Racing had him clinch six race wins, five additional podium finishes and five pole positions.
He was also the recipient of the Sir Jack Brabham Award, one of the highest motorsport honours in the country.
Piastri is currently biding his time as a reserve driver for F1 outfit Alpine.
Meanwhile, the F1 rumour mill has been dominated by Piastri’s name this past week.
Unconfirmed reports have Piastri pencilled in to suit up for Williams in what would be a shock mid-season switch.
Rumours are floating that Piastri would join the iconic F1 racing team and replace Canadian driver Nicholas Latifi.
Some believe Piastri could make a long-awaited and deserving F1 debut at the British Grand Prix early next month with Williams.
But even if that doesn’t eventuate, you can take your money to the bank now that Piastri will be on the grid next season.
Speaking at the Canadian Grind Prix at the weekend, Alpine team principle Otmar Szafnauer replied “yes” when he was asked if he thought Piastri would have a seat in 2023.
“We're contracted with Oscar, we have some options on him, so there's no real need to hurry that,” Szafnauer said.
“So we'll take our time and, at the right moment within the silly season, we'll have a look around and make those types of decisions.”