The HSM3 School Spirit contest gives US students the chance to show school spirit and earn points by logging onto the film's official , completing online tasks, and voting via text message.
The US high school whose students earn the most points will win a 'Disney Grad Nite' celebration for the 2009 graduating class at a Disney theme park, plus a celebrity pep rally featuring a live performance by UK singer Natasha Bedingfield.
Jim Gallagher, president of marketing, Walt Disney Studios Motion Pictures, said: "HSM3 is the biggest movie in a franchise that is already a worldwide phenomenon.
"It's all about the issues you face during senior year, especially getting ready for the next chapter of your life. We thought this contest was a great way to include every high school in the country in the fun of HSM3."
The competition ends on November 3.
Jeff Berman, president of sales and marketing for MySpace, said: "Disney has devised a ground-breaking campaign for High School Musical 3 and MySpace is thrilled to play a part.
"Technology, entertainment and MySpace's community are coming together creating a once-in-a-lifetime experience for High School Musical's passionate fans."
'High School Musical 3: Senior Year' is due for US release on October 24.