Craig Lowndes lost the series title but won the prestigious Barry Sheene Medal for a second successive year at the V8 Supercar awards dinner at Crown Casino.

Ford driver Lowndes was runner-up to Holden's Rick Kelly in a dramatic finish to the V8 crown at Phillip Island on Sunday, but beat his young rival to the sport's top award voted by media and commentators.

Lowndes and Kelly staged a dogged duel for the series crown, the race ending in controversy when Kelly bumped Lowndes off the track in the final race ending his title hopes.

After a four-hour protest hearing, race stewards dismissed the Ford complaint that Kelly's pit lane penalty was too lenient.

Lowndes accepted the judges' decision and ruled out taking the matter to an appeals board or to the sport's world governing body FIA.

The Barry Sheene Medal is awarded to the driver who shows outstanding leadership, personality, fan appeal and sportsmanship throughout the season - qualities Lowndes has portrayed better than ever in the past 24 hours.

V8 Supercars Australia chairman Tony Cochrane congratulated Lowndes on his great achievements across the year.

"Craig more than fits the bill for this award named after one of Australia's greatest motorsport identities," Cochrane said.

"Craig, like the late Peter Brock who was also a personal mentor of his, is a people's driver.

"He personifies all what this sport is about - giving back to the fans and the people."

Lowndes and teammate Jamie Whincup were also honoured for their Bathurst 1000 victory.

Ford's James Courtney won the rookie of the year award for his outstanding debut season highlighted by a third place at the Bathurst 1000.

Racing great Jim Richards was inducted into the Hall of Fame while Ford won the manufacturer's title and the HSV Dealer Team the Team's Championship.

Howard Racing's Adam Macrow was recognised for winning the 2006 Fujitsu V8 Supercar Championship.

Brought to you by AAP © 2024 AAP