Engineers Australia's Engineering Excellence Awards program encourages and celebrates engineering excellence by identifying, recognising and promoting excellence in the science and practise of engineering.

The Peter Nicol Russell Memorial Medal is the most prestigious award made by Engineers Australia. It perpetuates the memory of Sir Peter Nicol Russell, a Sydney industrialist during the latter half of the 19th century, who made major donations to the cause of engineering in Australia. The award is presented annually to a Fellow of The Institution of Engineers Australia who has a minimum of 20 years experience in the practice of professional engineering and has made a notable contribution to the science and/or practice of engineering in this country.

Eligible recipients are Fellows of The Institution of Engineers Australia or distinguished non-members. They have rendered conspicuous service to the profession of engineering, are eminent in engineering or an allied science, or a distinguished person whom the Council desires to honour, either for having rendered conspicuous service to the Australian people or in recognition of outstanding achievement.