It will be the ninth rodeo in the North Island since Boxing Day, among about 40 nationwide during the summer, and which include the national finals in Wanaka in March.
The rodeo is one of three attractions in close proximity which show organisers say give a unique feel to their small-town event, while other events and classes from equestrian sports to home baking are decided on other parts of the showgrounds.
The others are the shearing, which includes the Friday evening Speedshear before the main event on the Saturday, and the sheep dog trials, with farm fencing bolstering the appeal after the success of the Golden Pliers at the 150th anniversary Hawke's Bay Show in October.
The shearing offers the chance for up-and-coming talent to claim the Open title, with some of the top competitors likely to be away at two big shows in Southland, while others from King Country and further north may opt for the Tauranga show.
They are, however, likely to have to contend with Golden Shears and New Zealand champion Rowland Smith, who would have made last year's final had it not been for a points error.
Among those skipping Wairoa is defending Open champion Cam Ferguson, who will be competing in A-grade shows at Lumsden and Winton in Southland.
The opportunities for others when such clashes of events occur was highlighted two years ago, when Gisborne shearer and 2010 Golden Shears senior champion Tama Niania scored his first and to-date only Open win.
The 2006 Golden Shears champion, Dion King from Flaxmere, won in 2009 and 2011, while Scotsman and Taranaki farmer Gavin Mutch won in 2010, when flooding at the showgrounds resulted in the shearing being transferred to a woolshed near the town.
The sheep dog trials have also attracted big entries and runs will be held throughout the Friday and Saturday.
New for 2014 is the Eastland Building & Farm Supplies Fencing competition, in which world champion and 13-times Golden Pliers champion Paul van Beers and 2013 Golden Pliers winner Shane Bouskill will both travel from central and southern Hawke's Bay to support competitors, some of whom may be taking their paddock and hillside skills to the competition arena for the first time.
The competition is, however, limited to six entries.
The sheep section has been revamped, concentrating on attracting as many entries for the Flock Sheep competition.