The late Ballesteros, winner of a record 50 titles on the European Tour, triumphed in consecutive years in 1977 and 1978 before lifting the trophy once more in 1989.
The five-time major champions remains the only man to have won on three occasions since the event joined the Tour's international schedule in 1972.
Bjorn can match the achievement if he defends the crown he won 12 months ago when the European Masters is contested for the 80th time.
The Dane has never managed to retain a title during his distinguished career but, with a pair of runners-up finishes to go with his two tournament victories, the evergreen 43-year-old will hope to change that record when the action begins at the Crans-sur-Sierre Golf Club in Switzerland.
Bjorn, who defeated Scotland's Craig Lee in a play-off in 2013, also topped the leaderboard in 2011, holding off 2014 Ryder Cup team-mate Martin Kaymer on that occasion.
Indeed, with the prestigious biennial tournament set to take place at the end of this month, Bjorn will be even more motivated to hone his form.
He is joined in the field by two European Ryder Cup debutants in the form of Wales' Jamie Donaldson and Frenchman Victor Dubuisson in what is sure to be a competitive weekend of golf.
Donaldson secured his place in Paul McGinley's team by lifting the Czech Masters on August 24 and the 38-year-old has previously impressed at the tournament with a tie for third in 2012.
Dubuisson too can boast a tie for third place, having achieved that result last year.
The European Masters - which since 2009 has been co-sanctioned by the Asian Tour - also includes the likes of veteran Miguel Angel Jimenez and South African Hennie Otto, who is gunning for back-to-back wins after triumphing at the Italian Open last weekend.