The deal was agreed with speedway rights-holders Benfield Sports International (BSI).
More than 40,000 spectators are expected to attend the race which will be televised in 140 markets worldwide.
Said Roger Pride, director of marketing at the Wales Tourist Board: "The SGP Series generates massive worldwide television coverage and combined with the great media interest in the event will significantly help to maximise the awareness of both Cardiff and Wales as a tourist destination."
The three year deal, which includes event banners, media backdrop signage as well as advertising and tickets, is part of a new sponsorship category for the nine round world championship FIM Speedway Grand Prix Series (SGP).
Added John Postlethwaite, chief executive of BSI: “This is the first of three destination sponsorships that we will be announcing this year. I think it's a credit to how quickly we have grown the awareness of the series to see the economic input it delivers to the cities and countries we visit."
The Wales Tourist Board (WTB) has agreed a deal to become the official destination host sponsor for the FIM British Speedway Grand Prix in June.
