"I am delighted and honored to do what I can to keep Heath's legacy alive," Law, 36, says. "He was a brilliant actor and a wonderful man and it is only fitting that this scholarship has been developed in his name."
Law took over Ledger's role in The Imaginarium of Doctor Parnassus along with Johnny Depp and Colin Farrell after the actor's death of an accidental overdose last year.
The Australians in Film Heath Ledger Scholarship is awarded to an emerging Australian actor who wants to pursue a career in America. Hollywood hopeful Oliver Ackland took home last year's prize of $10,000 and return airfare from Australia on Qantas. This year's finalists will be announced in February 2010.