A new addition to Australian tennis' calendar has helped raise more than $100,000 for a scholarship in Evonne Goolagong Cawley's name aimed at empowering the next generation of Indigenous players.

The Australian Tennis Foundation recently hosted its first Night of Champions, celebrating the career and legacy of Goolagong Cawley as guest of honour.

More than 300 people attended the event in Naarm, which also officially launched the Evonne Goolagong Cawley Scholarship.

"I'm really looking forward to the evening, because it's going to benefit a lot of young Indigenous kids - not just as tennis players, but also role models, leaders, get them through schools…that's why I'm so excited about being here," the seven-time Grand Slam singles winner said shortly before formalities.

Goolagong Cawley said the scholarship will assist many reach their ambitions, as she did with her career.

"Now it's my turn to help other Indigenous kids find their dreams too," she said.

Across a decade-plus at the top of the sport, Goolagong Cawley won four Australian Open Singles titles - including three straight in 1974, '75 and '76, a French Open, and two Wimbledon Singles trophies in addition to doubles success, among 13 major titles.

Within a few years of her retirement, in 1988 she was inducted into the International Tennis Hall of Fame and later the sport's Australian Hall of Fame.

In more recent years, Ash Barty claimed three Grand Slam titles - the second Indigenous tennis icon to do so.

"Obviously, for myself growing up, there was no one that volleyed like Evonne. There was no one that has a legacy, in terms of the way that she held herself on court with such grace, and then what she's given back to the sport (like her)," former top 30-ranked singles and no.3 doubles-ranked player and Night of Champions host Casey Dellacqua said on the night.

"To now have the Evonne Goolagong Cawley Scholarship, and to be able to help young athletes pursue their dreams and invest in that next generation of players is something that speaks volumes in terms of the person that Yvonne is…she's such a role model."

Former doubles world no.1 John Fitzgerald and Oceania Tennis Federation president Vicki Reid also paid tribute to Goolagong Cawley.

Reid said the Night of Champions was "all about creating the next generation" of Goolagong Cawleys.

"Providing the opportunity for the next generation to follow their dreams, just in the way that Evonne has done. She's just done so much for the sport. Evonne is a legend in so many people's eyes, not just on the court, but all the work she's done off the court has been phenomenal," she said.

Since retirement, Goolagong Cawley has dedicated much of her time to similar work. She's run a National Development Camp, in her name, for Indigenous boys and girls in Tennis since 2005, in addition to her foundation promoting and initiating education and health for young people.

Goolagong Cawley said she felt "really special" on Saturday night.