The Formula SAE is a student based, design and build competition founded by the Society of Automotive Engineers (SAE) International in 1978. The competition calls for universities from around the world to build a prototype of an open-wheeled, formula style car suitable for a hobby autocross racer. The cars are constructed according to a series of strict rules that both increase safety and promote innovative problem solving. The restrictions on performance encourage teams to focus on design optimization and weight reduction while maintaining an acceptable level of safety and crashworthiness. The competition is judged according to the following criteria:

Major sponsors also offer awards for superior design accomplishments.

The Formula SAE Australasia hosts around 20 of the best engineering universities from around Australia as well as guest appearances from universities in Germany, Japan, Iran, India and New Zealand. The competition also attracts the attention of large car manufacturers such as Chrysler, Ford and General Motors who often adopt the pioneering techniques and technologies on show at the FSAE.