An illegal fuel line once cost him a podium finish at Albert Park, but Daniel Ricciardo will now have a grandstand named in his honour at the Formula One track.

Ricciardo was set to become the first Australian to finish in the top three of his home Formula One world championship event in 2014, before he was disqualified due to an illegal fuel mechanism.

However the Australian Grand Prix announced on Friday, as the Red Bull driver celebrates his 27th birthday, that the new grandstand overlooking the third, fourth and fifth turns would be called the Ricciardo Premium Grandstand.

“Having a grandstand named after me is definitely the ultimate birthday present and an incredible privilege,” Ricciardo said.

“Hopefully turn four will be my best corner on the Albert Park Grand Prix Circuit.”

The Red Bull driver has three Formula One wins to his name, but his best finish in Melbourne is fourth.

He becomes the 10th driver to have an Albert Park grandstand carry his name, joining Formula One legends such as Jack Brabham and Michael Schumacher.