Nicole Kidman's Hat Wows Fans at Derby Day

Nicole Kidman has successfully channeled iconic actress Audrey Hepburn in and black-and-white lace dress and matching hat on Saturday.

The Academy Award-winning actress attended Derby Day at Flemington Racecourse in Melbourne, Australia where her fashion made waves.

"It's inspired by 'My Fair Lady,'" explained Kidman speaking to press during the event, according to the Daily Mail. "It's one of my favorite movies. We decided to do something that was fun and a bit different."

L'Wren Scott, who used the 1964 Audrey Hepburn film for inspiration, designed Kidman's regal dress, shoes and bag. Stephen Jones designed the hat.

The original dress made for "My Fair Lady" was created by British costume designer Cecil Beaton, who earned an Oscar for best costume design. The black-and-white creation has been referred to as the greatest costume he has ever made.

Meanwhile, Kidman's husband, Keith Urban was unable to escort her during the event. The country music star was at their home in Nashville, Tenn., in order to attend last week's Country Music Awards and watch after their two daughters.

Although the singer could not attend, Kidman's parents, Anthony and Janelle Kidman, joined her at Flemington Racecourse.

The "Grace of Monaco" star admitted that she aimed to win while placing bets at the horse race Saturday.

"Melbourne Cup is something I have always bet on since I was a legal age," said the actress, according to the Daily Mail. "I'm looking for tips. I brought money for a bunch of my friends … I gamble what I am willing to lose."

Kidman recently appeared on the cover of Australia's WHO magazine, which named her among their "20 Years of Icons."

"I don't feel like an icon, but it's really nice to hear it," said the 45-year-old actress speaking to the publication.

The Australian star continues her busy career in Hollywood, and is currently promoting her latest film "Paperboy." The film also stars Zac Efron, John Cusack and Matthew McConaughey.

While still in production, "Grace of Monaco" starring Kidman as Grace Kelly is expected for release in 2014.