The Australian Division of the Royal Aeronautical Society (RAeS) and Australian Flying have been given permission to name the major Wings Award after Col Pay.
The primary award for 2015 and beyond will be known as the Col Pay Award for a Lifetime of Service to General Aviation.
Col Pay was a well-known figure in the aerial agriculture, firebombing and warbird communities in Australia.
Pay's son Ross Pay granted permission for the naming this month, saying that his family "thinks it would be a great tribute to Dad and [they] are happy people still remember him for what he achieved."
A full biography of Col Pay is on the Pay's Air Service website, and more information on the Col Pay Award is on the Australian Flying website.