The jockeys and trainers have had awards for many years at The Festival, with the Boodles Leading Jockey Award and the Irish Independent Leading Trainer Award presented.
The new Irish Thoroughbred Marketing Leading Owner Award will go to the owner who registers most wins over the four days of The Festival. If there is a tie, placed horses will be taken into account.
A trophy created by internationally-recognised sculptor Siobhan Bulfin will be presented to the leading owner. Bulfin has produced the trophies awarded each year by Horse Racing Ireland.
Charles O'Neill, CEO, Irish Thoroughbred Marketing, said: "Irish Thoroughbred Marketing is delighted to sponsor the inaugural Leading Owner Award at The Festival.
"It is very important that we recognise the contribution that owners make to our industry and we would like to wish all owners and trainers the best of luck at The Festival."
Ian Renton, Regional Director, Cheltenham & the South West, The Jockey Club, said: "The race to be leading jockey and leading trainer is a long-established part of The Festival and we are pleased to now also be offering the Irish Thoroughbred Marketing Leading Owner Award.
"Our thanks go to Irish Thoroughbred Marketing for its generous support and to Siobhan Bulfin for producing a wonderful trophy."
The Festival gets underway on Champion Day, Tuesday, March 14 and runs through to Gold Cup Day, Friday, March 17.