The 1million Australian dollars Group One feature highlights the third day of the Flemington carnival in Melbourne, with all the emphasis on the girls.
The Oaks, a 2500-metre staying race, is exclusive to three-year-old fillies, while three other races on the nine-race card will see only the females battle it out.
Smerdon has a quarter of the 12-deep field coming from his stables, with Crafty and Lumosty considered to be his best chances - as they share favouritism with Go Indy Go - trained in partnership by Leon Macdonald and Andrew Gluyas.
Smerdon said Lumosty, who will be ridden by Nick Hall, is still a query at the distance.
"She is another filly with a good constitution and I would have thought [Moonee] Valley has topped her off," Smerdon told Racing Ahead.
"There was improvement out of the Valley for her, whether she goes the 2500m is the question that they all have to answer tomorrow.
"She is a very relaxed horse, she switches off, if she rests in the run it gives her a better chance to run it but that is probably the query with her, she hasn't really got a true staying pedigree."
Smerdon also has Fontein Ruby, who has won at four of her past six starts, in the race.
Trainer John Sargent won the 2013 Oaks with Kirramosa, and is hoping history repeats when he saddles up Thunder Lady - who, like Kirramosa, won the Wakeful Stakes over 2000m at Flemington in her tune-up for the feature.
Thunder Lady gained notoriety for kicking rival trainer Clarry Conners in the face in the Hawksbury mounting yard in September, breaking his cheekbone.
Conners will be hoping for an element of revenge on Thursday, as he prepares roughie Yesterjoy.
Other fancies in the race include Darley filly Abduction, trained by John O'Shea and ridden by Kerrin McEvoy, and Set Square, for Ciaron Maher and jockey Hugh Bowman, who impressively won the Ethereal Stakes over 2000m at Caulfield in October.
Outside the feature race, there are two Group races.
Early favourite for the mares-only GH Munn Stakes (1100m) is the John Sadler-trained Vain Queen, while David Hayes and Tom Dabernig will saddle up Tawteen - the punters' choice to win the Gucci Stakes (1100m) - exclusive to three-year-old fillies.