Mr Alcott and Mr Waller have been selected among a group of 10 people to attend the state funeral for the Queen at Westminster Abbey on Monday.
Mr Waller regularly spoke with the Queen about her racehorses.
"She was very normal and made you feel very comfortable," he told Nine's Today show.
The remaining eight people will be formally announced by the prime minister later on Tuesday.
The 10 will represent Australia at the funeral in addition to Australian dignitaries which include Prime Minister Anthony Albanese and his partner Jodie Haydon, Governor-General David Hurley and his wife Linda, along with acting high-commissioner to the United Kingdom Lynette Wood.
RSL Australia president Greg Melick confirmed he would attend on behalf of the organisation, of which the Queen was a patron.
Mr Melick said it was an honour to be invited to mourn the Queen's service.
"For the past seven decades, every person who enlisted in the Australian Defence Force swore an oath to serve Queen Elizabeth II and her heirs and successors so it is fitting we are now able to personally express our condolences," he said.
It comes as the prime minister hosted diplomats from more than 20 Commonwealth nations to commemorate the the Queen's life.
Ambassadors and high commissioners met with Mr Albanese at The Lodge for the memorial reception on Tuesday morning.
Diplomats from nations including the United Kingdom, New Zealand, Canada, Tonga, Fiji and South Africa were in attendance.
Mr Albanese was also joined by Deputy Prime Minister Richard Marles, Foreign Minister Penny Wong, Finance Minister Katy Gallagher, Communications Minister Michelle Rowland and Pacific Minister Pat Conroy.
The prime minister said it was important for Commonwealth nations to be able to mourn the late monarch.
"They're coming to pay their respects and to commemorate the contribution of Queen Elizabeth to the Commonwealth," he told Sydney radio 2GB on Tuesday.
When he returns from London, Australia will have a day of mourning on September 22 which will include a national memorial service at Parliament House.
The short notice about the public holiday sparked concern among medical professionals about the impact on planned elective surgeries.
However, Mr Albanese hosed down the concerns, saying the day of mourning was the right decision.
"I'm sure that these issues, with a bit of common sense, can be worked through. If someone needs chemotherapy on that day, of course, they should receive it," he said.
"If you're a small business owner in hospitality there will be an enormous amount of activity on that day, I should imagine."
A spokesman for Ramsay Health Care, which manages a number of private Victorian hospitals, told AAP while some services such as day programs and infusions would be rescheduled, surgeries would go ahead.
"In recognition of the severe impact of COVID-19 disruptions on elective surgery over the past two years, we will proceed with some surgical and procedural lists as planned ... where there is capacity to do so," the spokesman said.
Meanwhile, Victorian MPs will be re-sworn and a condolence motion held on Tuesday before state parliament adjourns to next week as a mark of respect.
The re-swearing of senior public office holders and members of parliament following the death of the reigning monarch is unique to Victoria's constitution.
Elsewhere, other state parliaments will on Tuesday sit to hear condolence motions before adjourning.
Asked about reports King Charles III could tour Australia in 2023 or the year after, Mr Albanese said the new monarch had a standing invitation to visit.
"He, of course, is very familiar with Australians and he'd be very welcome here," he said.