The horse is trained by Andrew Balding, the brother of BBC TV racing presenter Clare Balding, and she has admitted it would be hard to contain her emotions if he triumphed.
“I think it’s odds-on I would cry. It’s such a big deal – that’s why it’s hard not to let your eyes show it,” she said.
Their father Ian, who also trained horses for the Queen, won the Derby in 1971 with Mill Reef.
Meanwhile, jockey Hayley Turner seeks to become the first woman rider to win the famous race.
The 29-year-old is only the second female to compete in the Derby, with Alex Greaves finishing last on Portuguese Lil in 1996.
Turner has won two Group One races at the highest level in her career, and was voted Sportswoman of the Year at the Glamour magazine awards during the week, but faces a stiff task on outsider Cavaleiro.
“She rides well and a woman will win one day but it ain’t going to happen this year,” said Carson.
He won the Oaks on the Queen’s horse Dunfermline 35 years ago in Silver Jubilee year and has witnessed the owner’s equine enthusiasm.
“She is very much into knowing the personalities of the horses – their mothers and grandmothers,” he said.
“She’s been breeding horses for 60 years and quite often from the same family, so certain traits keep coming through.
“If you look at her horses, you will see how well named they are. She names all her horses herself.”
The Queen will present the Diamond Jubilee Coronation Cup to the winner of that Group One race and will be in good heart after her horse Carlton House, third in last year’s Derby, made a winning return at Sandown on Thursday to book a place at Royal Ascot.
She will look out on a sea of red, white and blue as Epsom welcomes a mix of Derby Day racegoers ranging from top-hatted toffs to punters on open-top buses and thousands of Romany Gypsies who traditionally hold a gathering on the Downs., external
“We’re honoured the Queen starts her celebrations here. When she goes racing, and at Epsom in particular, she seems at her most relaxed,” said course managing director Rupert Trevelyan.
“The Derby is always like a big carnival and it’s going to be the biggest single street party there is.”