The tournament has long drawn a top amateur field, with an impressive list of participants and past champions. Winners of the tournament have gone on to win 12 PGA Tour titles, including the Masters, and 29 Champions Tour titles. Closer to home, winners of The Penick have won seven Texas State Amateur Championships, over fifty state titles overall, and the USGA State Team Championship for Texas. Participants in The Penick have included winners of the U.S. Amateur, British Amateur, NCAA Championships, and numerous state, regional and national amateur championships; as well as qualifiers for every USGA Championship including the U.S. Open.

Robert McKinney has won the most Harvey Penick Invitational championships, with five wins between 1982 and 1992. Bob Hullender, Steve Earsley, Larry Walsh, Bink Mitchella, and Don Addington have each won the Senior championship twice. The tournament record is held by four-time champion Ed Brooks, who shot 15-under 201 in 1996.

In 2005, weather played havoc with the event as Hurricane Rita threatened the area, eventually turning away into Louisiana and East Texas but still kicking up the winds at Austin Country Club and shortening the event. In the end, two-time runner-up Michael Cooper finally captured his first Harvey Penick Invitational championship, while the Senior title was shared between Bob Hullender, Steve Earsley and Andy Wall when the weather situation prevented a playoff. Jonathan Mathias won both the 2006 and 2007 championships, with Hullender repeating as Senior champion in 2006 and Doug Farr winning the Senior title in 2007.

Because of its history, tradition, and quality of field, the Harvey Penick Invitational has been designated as a points tournament in the Golfweek/Titleist National Amateur Rankings for amateurs and seniors, one of the few mid-amateur tournaments to be so designated.