Gillow has won the last two national time trial championships, while Watt claimed a three-peat between 1992 and 1994.
"I think that it would be really special because Kathy was a great cyclist and that would be a real honour for me," Gillow said.
Gillow, also reigning Oceania Champion, took out the 2012 title by over a minute from Taryn Heather and Bridie O'Donnell.
The Queenslander then followed that up by finishing second overall at the Women's Tour of New Zealand.
Mid-year, Gillow represented Australia in both the road race and the individual time trial at the London Olympic Games finishing 39th and 13th respectively. At the UCI Road World Championships, Gillow was a part of the silver medal-winning Orica-AIS outfit in the team time trial.
"2012 was pretty amazing, competing for my country at the London Games was a real honour and experience," said Gillow.
Get The Leadout Newsletter
The latest race content, interviews, features, reviews and expert buying guides, direct to your inbox!
Gillow has a full program at the 2013 Australian Championships, beginning on January 9 with the individual time trial and continuing the next day with the criterium. The women's road race will be held on Saturday January 12.
For the first time in the Championship's history, the time trials will be held on a fully closed course which takes in a lap of Lake Wendouree before heading along Sturt Street through the Arch of Victory and along Ballarat's historic Avenue of Honour.
