The annual trophy not only comes with the honour of being named best dressed at the racecourse on the second day of the festival, but also includes prizes adding up to £35,000.
The competition opens early to make sure the thousands of hopefuls keen to enter have time to get their picture taken.
It closes at 2pm, with the panel of judges then whittling down the entries to 10.
The final 10 pictures are projected around the racecourse at around 2.25pm, with the chosen few expected to head to the stage area in the Red Rum Garden.
So, with such high demand for the sought after contest, it's important you know exactly how to enter and what details you need to provide.
Below, we've rounded up how to do just that - along with everything else you'll need to know.
How do I enter?
The competition begins at 10.30am as soon as the gates open on Ladies Day.
After having your picture taken in any of the photo frames which will be located near the main entrance, you will then have two ways to submit your entry.
You can log onto the online entry form via the free Aintree wifi - you'll need to type in your unique number and contact details.
Or if you would like to take your photograph home with you, then you should head to the dedicated marquee, where you can pick up your picture and provide them with your contact details including your email address.
Is it just for women?
The Style Award is about celebrating just that, style.
Both men and women are encouraged to enter. Back in 2013, Andy Champ from Fulham was crowned the style competition winner.
How will I know if I'm a finalist?
At around 2.25pm the 10 finalists will be announced on the big screens - so keep an eye out to see if your picture appears.
You may also be contacted via the details you provided when you entered, so make sure the ones you give in are correct.
- Paw Patrol Live at the ECHO Arena0:30
- Missing Aintree already - Enjoy 20 pictures to ma1:40
- Can you spot yourself in the crowds at Aintree in4:46
- Inside The Queens pub on Grand National day1:08
- Chris Wright on the winner of the Grand National1:10
- Christine McGuiness at Aintree5:56
- People arrive for the Grand National festival0:49
Who are the judges?
This year's judging panel is made up of Olympic gold medallist Sam Quek, hair stylist Andrea Daley, fashion designers Phillip Armstrong and Tony Burke, the Liverpool ECHO's Rachael Cunningham and OUTFIT's Charlotte Perini.
What is the prize?
This year's style award prize is worth £35,000.
It includes a brand new black Range Rover Evoque and a hair and beauty hamper courtesy of Barbara Daley Hair and Beauty.