The WA government will throw a "good, old-fashioned 1980s party" to mark the 40th anniversary of Australia's stunning America's Cup win.

Australia II crossed the finish line on September 26, 1983, sailing into history and the national consciousness as a classic tale of an Aussie underdog triumphing over 132 years of US domination of the event.

The win famously led then-prime minister Bob Hawke to make a pronouncement to a bar of ecstatic patrons at the Royal Perth Yacht Club.

"I tell you what, any boss who sacks anyone for not turning up today is a bum," he said.

The minister for culture and the arts, sports and recreation, David Templeman, said the Fremantle Maritime Museum will hold a party on the September King's Birthday long weekend on Sunday, September 24, to celebrate the historic event.

It will feature performances by Australia's Eurovision contenders Voyager, the Baby Animals and the Hoodoo Gurus, along with a drone show.

It will be the culmination of an exhibition about the Australia II win that will include a replica of the jacket Mr Hawke was wearing during the interview – apparently handed to him by a student moments before the famous interview.

"This was a remarkable achievement for Australia and for those that were on that magnificent vessel," Mr Templeman said.

"When we think about that moment in Australian sporting history 40 years ago, what did it do? It brought the nation together.

"It gave us a great sense of pride that our small nation could take on the rest, and beat them.

"If you were around then you will remember where you were and the sense of great pride that you had when Australia II crossed the line."

Australia II was behind until the last leg of the race, until they crossed in front for the final leg.

"The greatest tacking duel probably ever in America's Cup racing took place all the way down until (skipper) John Bertrand turned the Australia II towards the finish line and crossed 41 seconds in front," Mr Templeman said.

"We want all West Australians to come across and experience it too.

"We want to invite everybody."

Crew member John Longley said 14 of the crew would be present on September 26 for the event.

"On behalf of them I'd just like to say how humbled we are that we have had this incredible event that has been put together … that people are still so interested and remember it so well," he said.

In many ways, the Matildas had achieved a similar moment last night, in defeating France, he said.

"Last night the whole country was watching the Matildas. How many of those people had actually played soccer or maybe watched soccer matches much before?" Mr Longley said.

"Many, but certainly not the whole nation.

"How many people who watched Australia II had ever sailed, or ever actually watched a sailing match?

"Most likely, not many at all.

"But it wasn't about the sport so much, it was about the nation getting behind Australia."

The Maritime Museum exhibition will open on September 9.