The couple were joined by her nine-year-old Damian and his three children, Summer, eight, Brooke, 13, and Jackson, 11.
Shane, the former captain of Australia, was given the accolade by Melbourne Cricket Ground.
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Under the influence of his stylish partner, the sportsman has recently had a makeover and slimmed down.
But the sculpture depicts Shane in heyday when he was a few pounds heavier – causing comments among the local press.
Since the start of their whirlwind courtship and engagement, Elizabeth has learnt to ignore sniping about her and the cricketer.
She recently told the Daily Mail: "My family and my new family with Shane and his kids are what's important. His children are really beautiful, sweet and affectionate.
"They get on brilliantly with Damian, and as an only child, it's great for him to have them around when they come to stay.
"I love having a lot of people in the house – the more the merrier.