Katelyn Mallyon could become the second woman ever to win the Melbourne Cup.

Equestrian events like racing are the only sports in the world where men and women compete against one another as equals — and last year, for the first time ever, a female jockey took out Australian racing’s most prestigious title.

In 2015, aboard Prince Of Penzance, Michelle Payne realised her childhood dream of winning the Melbourne Cup.

And this year, another female jockey has the chance to take out the prize.

On tonight’s Sunday Night, Melissa Doyle spoke to Katelyn Mallyon, a good friend of Payne’s and a fan favourite to win the biggest race of the year on Tuesday afternoon.

“I never thought at 22 years old that I’d be riding in my first Melbourne Cup,” Mallyon admitted.

“Michelle won it last year and I’d love to follow in her footsteps and win it this year. It’d be amazing to be the second female to win the Melbourne Cup.”

Fittingly, Mallyon has Payne’s blessing for her ride on Tuesday. The pair ride together under thoroughbred owner Lloyd Williams.

Melissa Doyle with Katelyn Mallyon. Image via Instagram.

Williams, for his part, is very clear in his opinions about female jockeys: "They're equally as good as any of the boys."

"He's supported me my whole career, and I'm very grateful for all the opportunities he gives me," Mallyon said of Williams.

But when Mallyon mounts her horse on Tuesday, it's not just the male domination of racing that she's attempting to overcome.

In 2012, she suffered a career threatening injury, breaking her back in a fall from a horse at Flemington racetrack. In the fall, Mallyon shattered her cheekbone, ruptured her spleen and broke a verterbrae.

It's a fall she might not have survived - but she did.

Her family had doubts about whether she would ever ride again - but she did.

And although she spend 10 months out of the saddle, Mallyon said the memory of the fall doesn't haunt her one bit.

"I never think about it. Never," she stated.

"It would mean the world to me [to win]."