Cold Chisel, a band that can arguably rival V8 cars for noise, will be inducted into South Australia's Music Hall of Fame as part of this weekend's Supercars event in Adelaide.

The after-race concert is being billed as the band's 40th anniversary event.

Musicians Jimmy Barnes, Ian Moss, Phil Small and Don Walker will be presented with medallions by SA Premier Jay Weatherill at a ceremony on pit straight before Sunday's main race.

The late Steve Prestwich, who was the band's drummer, will be honoured posthumously, with his brother, Tim, to accept the medallion.

Frontman Barnes welcomed induction for the band members as he reflected on his long music career.

"It's been a long time since we started making a racket in Elizabeth", he said.

"In those days, it was a pretty rough place, but that hardness helped give us our edge.

"Cold Chisel sound like we sound because we came from a particular part of Adelaide at a particular moment in time."

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Cold Chisel will be honoured during the V8 Supercars event on Sunday. Photo: ABC

Long honour roll of SA music greats

Other artists inducted into the SA Music Hall of Fame include Barnes's half-brother, John Swan, the late Jim Keays, Glenn Shorrock, John and Rick Brewster of The Angels, John Bywaters from The Twilights and Peter Tilbrook of The Masters Apprentices.

Also honoured in the Hall of Fame are children's entertainer Peter Combe, along with Redgum's John Schumann and singer Doug Ashdown.

Adelaide radio legend David Day helped establish the SA Music Hall of Fame when he handed over four decades of South Australian music memorabilia to support it.

He said it would be unthinkable to have a state Hall of Fame without Cold Chisel in it.

South Australian Tourism Minister Leon Bignell said Cold Chisel's songs told of life in Adelaide over recent decades.

"Cold Chisel lived and shared through their lyrics the essence of South Australia in the 1970s and 80s," he said.

"[There are] tales of growing up in the Adelaide suburbs, days working on the docks at Port Adelaide, the pub music scene and the value of mateship, these are stories that resonate with Australians to this day."

The minister said Chisel songs had stood the test of time and were loved by generations of Australians, making the band worthy of the Hall of Fame honour.

The late Steve Prestwich, Chisel's former drummer, will be honoured posthumously. Photo: ABC