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Owners and trainers at Lingfield and Wolverhampton will be invited to support Comic Relief next Friday.
The track owners Arena Racing Company (ARC) will donate £250 to Comic Relief for every horse that wears a specially-made red noseband with a number of trainers already pledging their support.
The charity challenge is being promoted by ARC and Lovetheraces.com and they have gained special dispensation from racing's rulers for these unique red nosebands to substitute for the usual white ones.
Kate Hills, PR and communications director for ARC, said: "We all know what fantastic work Comic Relief does and we are really excited to bring Red Nose Day to racing.
"It will add some real colour to the day's action and we are sure plenty of people will get behind it. Wouldn't it be great if a horse manages to win by a Red Nose?"
Nick Attenborough, spokesman for Lovetheraces, added: "This is a really fun way for the sport to join in on Red Nose Day and we would like to thank all the owners and trainers who are supporting this initiative."