Shane Warne and Muttiah Muralitharan, who have taken more than 1400 Test wickets between them, have lent their names to the trophy, which will be up for grabs each time the two nations do battle in future series.
They will first compete for the trophy during a two-Test series which gets underway in Brisbane next Thursday.
The announcement celebrates the 25th anniversary of Australia-Sri Lanka Test cricket, with the trophy featuring casts of Warne and Muralitharan's right hands and match-used cricket balls bowled by both players during their careers.
Cricket Australia chief executive James Sutherland said the trophy was a fitting tribute to two players who have left an indelible mark on world cricket.
"Both Shane and Muttiah have broken the 700-wicket barrier and inspired young cricketers around the world to try their hands at spin bowling," Sutherland said in a statement.
"We think it's a fitting tribute to both players by naming the perpetual Australia-Sri Lanka Test series trop