It is a sequel to Monaco Grand Prix: Racing Simulation 2.

A PlayStation 2 port was released in October of the next year, albeit exclusively in Europe.

Racing Simulation 3 is a genericized approximation of the real life Formula One, but it lacks any officially licensed materials.

Track layouts are often authentic to real-world counterparts, but they are usually attributed to neighboring countries.

For example, the Albert Park Circuit in Melbourne, Australia is instead located in New Zealand.