The digital collection,  launched on Thursday in time for the Melbourne Cup, showcases 36 photographs from Phar Lap's co-owner David Davis and is the only photo album known to feature each of the horses' Australian wins.

National Museum of Australia senior curator Dr Martha Sear said the digital collection would add to the museum's existing Phar Lap exhibition and allow visitors  a chance to see the racehorse in action.

"The album shows all 36 of Phar Lap's wins back-to-back so you get a sense of the way the horse ran and how it often won races by many, many lengths," she said.

"You get a real sense of how far ahead of the pack he was and that in a lot of races he wasn't even running at full pace when he won."

Dr Sear said Phar Lap's co-owner was no stranger to photographs as he established the Australasian Portrait Company after moving to Australia from Russia, along with collecting imported china, silverware and cutlery.

Always interested in owning racehorses, Mr Davis met renowned horse trainer Harry Telford at the races and asked him to keep an eye out for a talented racehorse to buy.

"But Davis wasn't so keen on the horse at the start as it turned up looking gangly with warts on its face but he obviously turned out to be Australia's most famous racehorse," said Dr Sear.

"The album as a whole gives you a sense of the way the co-owner felt about the horse and you can imagine all the memories that would have come back to him while looking at them," she said.

The digital collection adds to the museum's extensive Phar Lap display which includes the horse's heart ,which is 1.5 times the size of an average thoroughbred racehorse heart.

Those at the museum can also see the riding boots and cap of Phar Lap's jockey Jim "The Master" Pike, who rode the horse to 27 wins in 30 races.

Dr Sear said entry to the exhibit would be free on Melbourne Cup Day.