The Prize aims to encourage and reward outstanding forensic psychology research by students. The Prize is awarded for publication in a refereed journal of an article by the student based on his/her Honours, Masters or Doctoral thesis. The Prize is named after Alexander Maconochie, the Governor of Norfolk Island Penal Colony in the 1840s who was renowned for his progressive and enlightened approach to corrections and considered the father of parole.

The Awards are sponsored by the NSW section of the APS College of Forensic Psychologists and aim to reward excellence in forensic psychology in the following three categories:

1. Research and academic work
2. Psychological practice and professional work
3. Open category for contribution to forensic psychology, for example, media personnel, legal professionals, and other related professionals.