The reserve was named in honour of local aviators Guy Lambton Menzies and Ian Lambton Menzies, who were brothers. Squadron leader Guy Menzies was killed on 1 November 1940 when his Sunderland flying boat was shot down over Italy, while Flying Officer Ian Menzies died in a flying accident on 18 April 1941 at Ravenswood, Queensland.
Drummoyne Council moved to have the Drummoyne Wharf Reserve renamed Menzies Reserve in honour of the Menzies brothers in May 1942. There is no evidence that the reserve was donated by the Menzies family, though the family did live nearby at 14 Wolseley Street, Drummoyune, where Guy and Ian grew up. Canada Bay Council re-dedicated the reserve in 2004.