Byrne is one of the awards presenters at the 98th Oscars, to be hosted by comedian Conan O'Brien, that kick off at 10am AEDT on Monday at the Dolby Theatre in Los Angeles.
Australian Hollywood duo Byrne and Jacob Elordi are nominated for best actress and best supporting actor respectively.
They are joined by a third Australian potentially in line for a major gong, with Nick Cave getting a surprise nod for best original song.
Byrne's performance in indie film If I had Legs I'd Kick You has already earned her the best actress prize at four key pre-Oscars events including the Golden Globes.
Byrne is up against Jessie Buckley in Hamnet, Kate Hudson in Song Sung Blue, Renate Reinsve in Sentimental Value and Emma Stone in Bugonia.
Elordi has been nominated for his role in Guillermo Del Toro's Frankenstein, one of nine nods for the Netflix film.
Cave was nominated for the title song to Clint Bentley's film Train Dreams, which stars Australian actor Joel Edgerton.
Edgerton, the central pillar of Train Dreams, was not nominated although the picture earned four nominations including best picture.
Australian costume and production designer Fiona Crombie has also been nominated for an Oscar in the best production design category for her work on Hamnet.
Fellow Australian Nicole Kidman is also expected to hand out awards during the Monday AEDT ceremony.
Winners of the gold Oscar statuettes are chosen by about 10,000 actors, producers, directors and film craftspeople who make up the Academy of Motion Picture Arts and Sciences.
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