McGrath was the winner of the Madame Tussauds Sydney Aussie Votes campaign where the Australian public was asked to cast their vote on which sporting hero they wanted to see immortalised in wax.
The wax figure portrays McGrath in mid-action, about to deliver a fast ball down the wicket. McGrath was at the inauguration to re-enact the pose.
Portrayed from the success of the 2006/2007 Ashes series, McGrath's wax figure is wearing the Australian Test team whites, with his number 358 embroidered on his shirt.
McGrath's figure now stands alongside fellow Australian cricket greats in the Sports Zone including Shane Warne and Donald Bradman, as well as Indian cricket star Sachin Tendulkar.
"Having been chosen by the Australian public to be immortalised in wax and stand alongside other sporting greats is truly an honour. The whole making-of process of the wax figure has been a real eye opener and I'm very pleased to see they have recreated my bowling stance perfectly," McGrath said.