If you are looking for overnight accommodation on race weekend, then you may wish to consider the following:

The nearest major airport is Melbourne Tullamarine Airport which hosts both domestic and international flights and is located about 22km north-west of Melbourne city centre. Taxis and a 24-hour Skybus run between the airport and central Melbourne, or car rental can be found in the short stay car park. International visitors may find it necessary to fly via Sydney Airport.
It is possible to get from the airport to the main hotels in Melbourne via a shuttle service run by Skybus. They run approximately every 15 minutes throughout the day (hourly at night) and an adult ticket will cost you around A$15 one way.
There are many and varied accommodation options available in Phillip Island. These range from hostel accommodation, caravan parks, motels to bed and breakfast and private short-term holiday home rental. Or you may wish to stay in Melbourne which is located 135km away (approximately 80 miles).

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The interactive map below shows the location of Phillip Island. Use the controls to view the circuit as a traditional map or as satellite images, move around, and zoom in and out.