A still from the race simulation (below).
Latter-day legend Makybe Diva, winner of three Melbourne Cups, put in her trademark strong finish to take third spot.
Fans at Flemington on Tuesday cheered home the field as the simulation played on screens around the course.
Phar Lap ran much of the race shoulder to shoulder with Carbine, whose win in 1890 saw him emerge victorious from a field of 39, carrying the top weight of 66 kilograms.
The race field and outcome was decided by a panel of 22 racing experts, based on variables including weight, barrier and jockey.
New Zealand-born Phar Lap carried the top weight of 60kg, as decided by Greg Carpenter, Racing Victoria's chief handicapper, who handicapped his sixth Melbourne Cup this year. The 60kg is 2kg less than carried in his 1930 win.
Carbine was just behind on 59kg, ahead of the 58kg carried by three-times winner Makybe Diva, who won three consecutive Cups from 2003, and Peter Pan, who won in 1932 and 1934.
The champions who made the field are (in saddlecloth number order): Phar Lap (1930); Carbine (1890); Makybe Diva (2003-05); Peter Pan (1932,1934); Galilee (1966); Poseidon (1906); Rising Fast (1954); Rain Lover (1968-69); Comic Court (1950); Grand Flaneur (1880); Might and Power (1997); Archer (1861-62); Vintage Crop (1993); Delta (1951); Malua (1884); Nightmarch (1929); Poitrel (1920); Saintly (1996); The Barb (1866); Dalray (1952); Hall Mark (1933); Light Fingers (1965); Doriemus (1995); and Think Big (1974-75).
Four of the horses in the top 24 were trained by Cup legend Bart Cummings.
The outcome saw the the undisputed three superstars of the Melbourne Cup - and Australian racing - triumph.
Carbine enjoyed a huge racing profile, not surpassed until the arrival of his descendent Phar Lap, who many consider the nation's greatest ever racehorse.
• US-bred galloper Americain won the 150th running of the Cup yesterday at Flemington, joining Irish stars Vintage Crop and Media Puzzle as European-trained horses to win the 3200-metre handicap.
Americain's superior staying abilities carried him to the most decisive Melbourne Cup win since Doriemus scored by four lengths 15 years ago.
The son of Dynaformer is owned by Australians Gerry Ryan and Kevin Bamford, and is trained by Alain de Royer Dupre in France. He was ridden by French jockey Gerald Mosse.
So You Think cruised to the lead 350m from home but just as he was set to be hailed the winner Americain and Maluckyday emerged to challenge. At the line Americain had 2¾ lengths to spare over Maluckyday, who ran an amazing race at just his ninth start, with So You Think ($3) a half-length back in third. Zipping flew from the second half of the field to grab his third Melbourne Cup fourth placing, relegating Caulfield Cup runner-up Harris Tweed to fifth for the second straight year.