The champion has had a maintenance gallop at Flemington on Thursday morning ahead of Saturday's Turnbull, a race she won by 6-1/2-lengths last year.
Winx has nine rivals in the Turnbull and Waller says it will take a champion to beat her in what is likely to be her last appearance at Melbourne's premier track.
“Mentally she's perfect and physically she's picture perfect,” Waller told reporters.
“We take photos of our horses every Monday, 52 weeks of the year and we compared it to her photo last year and if anything her coat is a little more advanced.
“She's shining and ready to perform.”
Waller said he had not yet had a good look at the Turnbull field but, as always, was concentrating on getting Winx there in the best order possible.
“She hasn't got the world's best rating for nothing but we just need to make sure that she stays the same and she'll hold that rating,” Waller said.
“So it will only take a champion to beat her, or a day where she's no longer as dominant as she has been. But there's certainly been no signs of that.
“Luck in running is always a big part and we have respect for other runners and other jockeys, so we'll go into the race preparing that way and hopefully she does the rest.”
Winx is the $1.15 favourite and Bowman is happy with barrier eight.
“I haven't had an in-depth view of the field but obviously I've glanced over it,” Bowman said.
“I would like to think she would have their measure, obviously.”