As cars from the Honda Grand Prix speed through downtown St. Petersburg, they will pass along Dan Wheldon Way.
The stretch of the road course through Albert Whitted Park honors the St. Petersburg IndyCar driver, who died last year during a race crash in Las Vegas.
Wheldon's widow, Susie, spoke during a dedication ceremony Wednesday afternoon, along with St. Petersburg Mayor Bill Foster.
The city unveiled a street sign at Turn 10 that reads "Dan Wheldon Way," and the turn will be known as the Dan Wheldon turn.
A memorial for Wheldon is also planned on the other side of the park, near the Dali Museum. The memorial will also honor winners of the St. Petersburg race.
Wheldon, a two-time winner of the Indianapolis 500, was killed in October when his car got caught up in a fiery 15-car pileup during last season's IndyCar finale at Las Vegas Motor Speedway. He was 33 years old.
The Emberton, England, native moved to St. Petersburg with his wife in 2005 after winning the local race and Indy 500 that year.
The Wheldons and their two children lived in Snell Island, and the driver became involved in his adopted hometown and local charities.
The Honda Grand Prix of St. Petersburg begins the 2012 IndyCar season March 23-25. Construction of the course is ongoing.
Reporter Rick Harmon contributed to this report.