Australia has dominated nominations for the 2012 World Sailor of the Year Award with three crews from the star-studded 2012 Olympic sailing team in the running for the prestigious prize.

Men's 470 dinghy gold medallists Malcolm Page and Mathew Belcher, Laser gold medallist Tom Slingsby and Nathan Outteridge and Iain Jensen, who won the 49er skiff gold medal, have all been nominated for the prize.

The winner will be announced in Dublin, Ireland on November 6.

The Australians face tough competition from Great Britain's Ben Ainslie, who won the Finn class gold medal at the 2012 Games and cemented his place as the most successful Olympic sailor ever. Ainslie's 2012 gold was the fifth Olympic medal of his illustrious career.

French round-the-world yachtsman Loick Peyron has also been shortlisted for the award.

It is the first time Australia has had three finalists in the prize's 19-year history.

Slingsby, who took out the prize in 2010, acknowledged that the judges have a tough decision.

"If I was to win the award for a second time I'd be extremely honoured," he said.

"It's going to be very tough to split all of us, not only is there the three Australian crews but four-time gold medallist Ben Ainslie, and Loick Peyron who set another round-the-world record, anyone can win it."

Page and Belcher, Outteridge and Jensen and Slingsby have all also been shortlisted for the Australian sailor of the year prize, which will be announced at a gala dinner in Sydney on October 26.

The 2012 Olympics was the most successful ever for Australia's sailing team, with Olivia Price also skippering the women's match racing team to a silver medal.