It was established at the 1967 event and renamed after automotive engineer, inventor and former chairman of SAE International's Indiana Section Louis H. Schwitzer by SAE before the 1978 race. Schwitzer also won the first automobile race to be held at Indianapolis Motor Speedway in 1909. Each year before the Indianapolis 500, an Indiana Section SAE International members committee meet with IndyCar Series technical officials to identify potential candidates.
The Louis H. Schwitzer Trophy was established at the 1967 event and was named after automotive engineer Louis H. Schwitzer by SAE before the 1978 race. Schwitzer also won the first Indianapolis Motor Speedway auto contest in 1909. Before each Indianapolis 500, a committee of Indiana Section SAE International members collaborates with IndyCar technical officials to identify potential winners.