Hobart man Leigh Mundy, his Queensland co-driver Dennis Neagle and New South Wales driver Shane Navin died during the event's final two days.

MA chief executive officer Eugene Arocca said the tribunal would allow it to look closely at all aspects of the incident and determine recommendations.

"We also extend our sympathies to the wider Targa and motorsport community impacted in recent days, including our officials. This is a difficult time for the entire motorsport family and we continue to offer our support and guidance to all," he said.

"Motorsport Australia remains in close contact with the event organisers and Tasmania Police, and is committed to working closely with other relevant government authorities as they also investigate these incidents."

The tribunal will be led by Garry Connelly, who is MA's Federation Internationale de l'Automobile delegate and chair of the Australian Institute of Motor Sport Safety, alongside a number of motorsport safety personnel, including competitors, team owners and medical and safety experts.

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Targa Australia chief executive officer Mark Perry passed on the organisation's sincere condolences and said everyone in the community was affected by the deaths.

He said at a dinner on Saturday night a minute's silence was held in memory of the three men.

"Ninety-five per cent of the people who attend the event and take part in the event are from somewhere else.

"So they don't have a lot of support on the ground, naturally, they come to compete and enjoy the incredible locations of Tasmania," he said.

"We felt it was important to get everybody together last night and support each other and people need to talk about these things, talk through it and it was quite overwhelming and very emotional for everyone."

Mr Perry said extra resources were brought in to support everyone at Targa after the deaths.

He said they welcomed the tribunal and would accept all the recommendations it handed down.

"We will learn from this," he said.

"The future remains bright from our perspective. This news is going around the world ... it's tragic times and we'll work through it, but we still feel that there is a big demand for this sort of activity."

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In response to concerns about the safety of Tasmania's roads, Mr Perry said all of the roads were checked and signed off by international level safety experts each year before the event.

"We're in close contact with the families and friends and providing all that support right now and in the future we will ... always remember the three gentlemen that we've lost," he said.

"It's very important that their legacy is remembered. They were all long time competitors of Targa ... they were very well known, all three of them. It will be important for the healing process."

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