Victims Jamie Kyne and Jan Wilson have inspired the Bright Young Star category of the first Pride of Malton and Norton Awards in April.
Nominations will be considered for young individuals who have excelled in their chosen field and acted as an inspiration to others.
Categories include Customer Service Award, Business Personality of the Year, Local Hero, Services to the Community, and Teacher of the Year, as well as Bright Young Star.
Malton and Norton's Business in Action partnership has launched the awards, sponsored by a number of businesses and organisations, and backed by Racing Welfare.
Paul Lodge, of Racing Welfare, said: "The awards will recognise individual achievements just like the racing world saw in Jamie and Jan – two inspiring young jockeys living their dream."
Miss Wilson's mother Margaret said: "It's a nice thing for Malton to do this kind of event as it recognises people's achievements especially that of the young. I support a similar one in Forfar, Scotland."
Mr Kyne's mother Madaline added: "This award keeps Jamie's memory alive. It's a lovely gesture from Malton".
Her husband Gerard said he felt "overwhelmed by what Malton and Norton wanted to do here, the awards are an inspiration to all. I thank everyone for their support".