The sister to the Duchess of Cambridge, who shot to fame as maid of honour at the royal wedding earlier this year, was personally invited to the Albert Park sporting event by Grand Prix chairman Ron Walker.
A source told AAP: "We wouldn't have extended an invitation if we weren't confident of her accepting."
Australian Grand Prix Corporation chief executive Andrew Westacott added: "People will be attracted to the event because of her. She is a classy relative of the royal family and it would lead to an increase in ticket sales, but it would also continue to profile Melbourne on a global stage.
"I have no doubt she would probably talk to her sister about what a wonderful place Australia is."
As part of the invitation, Middleton would be invited to attend events in the build-up to race day, including the official reception at Government House.
Previous Melbourne Grand Prix special guests include Prince Albert of Monaco, Prince Michael of Kent, Virgin boss Sir Richard Branson and Hollywood stars John Travolta and Nicolas Cage.
Middleton's brother-in-law Prince Harry represented the royal family at this year's British Grand Prix at Silverstone, presenting a trophy during the podium ceremony.
Since her appearance at the royal wedding, Middleton and her sister Kate - who is married to Prince William - have been hailed as fashion icons. Her potential visit to Australia would coincide with Melbourne Fashion Festival.
Pippa was photographed at London Fashion Week, and Kate even recently topped the 'Britain's Best Dressed' list.