The replica took four months to complete and the Victoria's Secret model was required to undergo 500 measurements so her incredible figure could be recreated exactly, reported Herald Sun.
Her replica is dressed in the red sequin gown designed by Alex Perry that she modelled at the David Jones Spring/Summer Fashion Parade in 2011.
Perry was present to see the waxwork yesterday and he admitted he was thrilled Kerr, 29, had chosen his dress to adorn the statue.
"It's such an honour that she has chosen her wax figure to wear the scarlet red gown I designed for her," he said.
Kerr has a 17-month-old son, Flynn, with actor husband Oralndo Bloom.