Held at Charles Sturt University, Wagga Wagga, NSW, in conjunction with Teys Australia, the Melbourne students were triumphant over more than 100 other participants from 10 universities across Australia, the US and Japan.
In just their second year of participating, Melbourne University finished on 3692 out of 4600 points over Murdoch University in second on 3622 points and Charles Sturt University in third with 3619 points.
Individual accolades went to University of Melbourne student Tim Ryan, with Charles Sturt University's Haydn McKay the runner-up.
The competition assessed the student's judging of lamb, pork and beef carcasses, eating quality evaluations and primal and retail cut identification – as individuals and as teams.
University of Melbourne team coach Alister Knight - an honours student in agriculture at the university - was one of the members of the inaugural 2011 team.
Mr Knight said visiting masters student Hyatt Frobose, Kansas State University, encouraged the university to get involved last year.
"The competition was keen to get Melbourne Uni involved for quite a while, so Hyatt got things started off and last year's team have carried it on this year," he said.
"Most of the team this year were from farming backgrounds and really interested in seeing the other side of the industry and get an overview of the whole process."
Team members Natasha Roman, Matt Lawless, Tristan Smith, Tim Ryan and Geoffrey Bullen were not all agriculture students, however, with some members studying commerce and engineering.
Mr Knight said the competition was a great chance to network and gain contacts in the industry.
"Hopefully the win will help us market the advantages of being involved in the competition and get more people interested," he said.
The competition also hosts a number of industry leaders who conduct workshops and speak on the industry and a careers fair for students to network with possible employers.
The top 10 individual competitors, including Tim Ryan and Natasha Roman from the University of Melbourne, will participate in a five-day Meat Standards Australia (MSA) course in Brisbane later in the year.
The top five will then be selected for the Australian meat judging team.
The national team will travel to the US in January next year to compete in the meat judging competition at the Denver National Western Stock Show, as well as undertake an industry tour.