Taber, who played 16 Test matches for Australia between 1966 and 1970, died on Friday.
His highest Test score of 48 came against West Indies at Sydney in 1969 in a match Australia won by 382 runs.
Taber was widely regarded as one of the best wicketkeepers to represent Australia and was renowned for his impeccable glovework and calm demeanour behind the stumps.
In his domestic career he played more than 100 games for New South Wales and is a member of the states' Hall of Fame.
After finishing playing he held various roles within the game including NSW coach and selector and manager of the Australian Under-19 men's team.
"Brian's vast popularity among former teammates, and all those fortunate enough to have known him, is just one indication of the impact he had on our game," Cricket Australia CEO Nick Hockley said.
"Brian had a passion for the development of young players, and it is fitting that the Player of the Tournament at the Men's National Under-19 Championships will continue to receive the Brian Taber Medal."
Cricket NSW CEO, Lee Germon, said: "His contribution to Australian cricket was immense, as a player, coach, manager and selector. Tabsy was universally loved for both his skill as a wicketkeeper and his character as a person. He was such a nice, genuine guy and he will be greatly missed by all."