Accommodation has been booked out throughout the shire for the night of the performance.

About 12,000 people are expected to hear the British singer-songwriter and his 15-piece band performing hits from his widely successful repertoire spanning four decades.

Organised by Frontier Touring, the February 18 concert is the second of its kind at Hanging Rock.

The first was Leonard Cohen's show in November, 2010, which attracted about 12,000 people.

The council's tourism and economic development manager, Kylie Lethbridge, said the Cohen concert, also hosted by Frontier Touring, pumped more than $1 million into the Macedon Ranges economy.

She is expecting similar success for the shire from the Stewart performance.

The biggest money-spinner for the shire is tourism, which yields $175 million a year.

Ms Lethbridge said while accommodation options in the shire were exhausted, there were still many in Daylesford and surrounding regions.

Day-trippers could also use "excellent" transport options.

"We encourage people to either make a weekend of their concert experience by staying in the wider region, to use the shuttles from Melbourne provided by Frontier Touring or to take advantage of the V/Line train service from Melbourne or Bendigo along with the free connecting shuttle bus to Hanging Rock."

The council's visitor information centres in Kyneton and Woodend can help people with last-minute arrangements right up until the day of the concert.

Each centre has a list of registered accommodation providers and staff can suggest available accommodation outside the shire.

Phone 1800244711 or visit vic@mrsc.vic.gov.au

For visitors staying outside the Macedon Ranges, a shuttle bus will run from Ballarat through Daylesford.

For details, visit frontiertouring.com/hangingrock