Shearing magazine editor Des Williams said it had been recognised as an official sport by national funding body Sparc since 1994.
He said the format of a Commonwealth event could mirror the existing national open champs, the Golden Shears. The contest whittles down 100 entrants to six finalists, who take the stage to shear 20 sheep in about 15 minutes.
"You get 1500 to 2000 people jammed into the stadium, and they just go off their rockers with continuous noise, from the first sheep dragged out to the last. It's just a continuous noise of people screaming and shouting and supporting whoever is in their favour."
Judges took into account the shearing and wool quality, speed and mistakes.
Williams said other countries "fanatical" about shearing, such as Wales and Ireland, could be interested. "There are about 10 [Commonwealth] countries that have a competitive sheep-shearing structure and they all compete with the international rules that apply for shearing so there's certainly the basis there for a competition."
Events must meet strict criteria to be considered for Commonwealth and Olympic status. They must be practised widely, appeal to youth and be for men and women.
They are usually trialled as demonstration events, which means competitors don't get medals. Another event must be dropped before a new demonstration category can be added.
Golf and rugby sevens are among new additions to the Olympic programme and will feature at the Rio de Janeiro Games in 2016.
Otago University sports marketing senior lecturer John Guthrie did not think shearing would meet Olympic requirements.
He said it could play up to stereotypes about New Zealand, whose sheep flock is about 10 times the human population.
OLYMPIAN EFFORTS
Odd sports that once featured in the Olympics:
* Swimming obstacle race (1900).
* Tug of War (1900-1920).
* Duelling pistols (1906-1912).
* Solo synchronised swimming (1984-1992).
* Live pigeon shooting (1900).
