Not even greats Gary Player, Jack Nicklaus or Greg Norman, who won the tournament 18 times between them, managed to win three in succession with Australian Ossie Pickworth the only to achieve the feat between 1945-48.
Former world No.1 Karrie Webb won the women's crown five times but never three in a row.
Buhai's return was announced by Golf Australia on Tuesday, along with men's defending champion, Chilean Joaquin Niemann.
Played again in the world-first format of men, women and all abilities alongside one another, the tournament will be held at Kingston Heath Golf Club and The Victoria Golf Club from November 28 to December 1.
Those courses hosted the tournament in its first mixed edition in 2022 where Buhai initially tasted success.
"It would be a huge honour," the 35-year-old said of becoming the first woman to three-peat.
"There's some greats on that trophy and I would be the first to win it three times so there's a little bit of extra pressure added."
Buhai, whose year has been hampered by a back injury and broken toe, said she felt at home in Australia.
"I think what I love about coming to Oz is I've been going there since I was a junior, since I was 12 years old so there's a familiarity," said the 2022 British Open champion.
"I think South Africans and Australians we have a lot in common - sport, food, weather so I think we always feel pretty comfortable coming to Oz.
"You've got unbelievable golf courses especially on the sand belt, and the way those golf courses play I do think it suits my game."
View this post on Instagram A post shared by Ashleigh Buhai (@ashbuhaigolf)
Buhai loved playing in front of the large gallery that swamped last year's Open in Sydney and would like to see more dual-gender events.
"I think it's amazing. We know the men are the drawcards and bring in the crowds, but for us to be able to play in between them, have crowds all the way around, it brings such an unbelievable atmosphere," she said.
"I remember walking up the 18th hole last year and the embankment was full of people. It brought goosebumps to my skin and I wish we did do it more often around the world."
Lifting the Stonehaven Cup at The Australian last December following a thrilling play-off with Japan's Rikuya Hoshino, 25-year-old Niemann has committed to defending his title.
Niemann, who plays on the LIV Golf tour, earned an invitation to the Masters on the back of his victory.
The men's tournament is co-sanctioned with the DP World Tour so the field is expected to have a European flavour, however the clash with Thanksgiving could impact players based in the United States.
World No.40 Min Woo Lee has already committed while former British Open champion Cameron Smith, who has signed on to play in the NSW Open two weeks earlier, could be a starter.
