If you're not from Louisville/Kentucky, you may think the Kentucky Derby Queen is a pagent, but it is actually a pretty big deal 'round these parts.
5 Princesses are selected based on an extensive interview process and their resumes, and they serve as the Kentucky Derby Festival's "ambassadors" for lack of a better term. They do months worth of work, and the Queen is selected by spinning the wheel at one of the annual balls. The 5 princesses are almost always (I said almost!) Greek. A quick Facebook search showed one was a DZ at UofL, but I wasn't able to determine the others. It's a big honor to be a Derby Princess, and congrats to this year's Queen!
http://discover.kdf.org/join-the-fun/royal-court/