The new accolade, which was announced on Tuesday and was created in partnership with Crypto.com, will be awarded to the driver who completes the most overtakes over the course of a season.
“The award, which is the first of its kind, is designed to celebrate the bravery exhibited by drivers who make bold moves in pursuit of success,” Formula 1 said in a statement.
New graphics will be displayed in the remaining races of the season to keep fans up-to-date with who has the lead in the standings for this award.
Ben Pincus, director of commercial partnerships at Formula 1, said: “We’re delighted to be expanding our partnership with Crypto.com as we introduce the Overtake Award which will integrate the brand into Formula 1 throughout the season, in addition to the title partnership of the F1 Sprint Events.
“The Crypto.com Overtake Award gives us the chance to celebrate drivers’ instincts to make bold and strategic moves which reflects the qualities needed when dealing in cryptocurrency.”
Meanwhile, Steve Kalifowitz, Crypto.com’s chief marketing officer (CMO), said the company is “extremely proud to be introducing a first of its kind award to Formula 1.”
Continuing, he added: “We strive to create partnerships that deliver win-win-win opportunities and I can’t think of a more perfect opportunity than the Crypto.com Overtake Award. This award allows our values to shine through celebrating the moments where drivers exhibit the bravery required to get ahead.
“This season has already seen some amazing overtakes, and I can’t wait to see who this year’s champion is.”
Vettel has made up places in many of the grand prix contested so far this season.
And, the four-time World Champion’s stellar performance in Baku – which saw him go from P11 to second – has played a big role in putting him at the top of the standings for this new award.