The Ethereal Stakes is a Group 3 race run under Set Weights and Penalty conditions for three year old fillies at Caulfield conducted by the Melbourne Racing Club.

The Ethereal Stakes is run over 2000m. It was first run in 2000 and was won by Lolita Star.

It has been at this trip as the version of Caulfield's Oaks.

The Ethereal Stakes had been a handicap before being Listed from 2011 to 2014 then Group 3 after.

Set Square in 2014 was the first filly to do the Ethereal/VRC Oaks double before Pinot repeated in 2017.

The race is named after the grand mare Ethereal who was the last horse to do the Caulfield Cup/Melbourne Cup double in 2001.

2018 winner Verry Elleegant would struggle in the Wakeful and Oaks behind the horse she beat at Caulfield Aristia but then came back in the Autumn when with Chris Waller and win the Phar Lap, Vinery Stud and ATC Australian Oaks. Two years on she returned to Caulfield to win the Cup and then the year later take the Melbourne Cup.

2023 winner Autumn Angel was put aside after winning it but then won the G2 Kewney Stakes and the G1 Australian Oaks.

The Ethereal Stakes was worth $200,000 in 2024.

Notable winners of the Ethereal Stakes include Autumn Angel (2023), Verry Elleegant (2018), Pinot (2017), Set Square (2014), Arabian Gold (2013), Run For Naara (2009), Estee (2008), Astronomia (2005), Timbourina (2003), Hierogram (2002), Gold Lottey (2001) and Lolita Star (2000).

The 2023 Ethereal Stakes was won by Autumn Angel from Tropical Squall and Basilinna.