The Lowy Institutes Asia Power Index, measuring power across 25 countries in the Asia-Pacific region, puts Australia in the sixth place.
The ranking is based on military capability, resilience, economic resources, diplomatic influence, future trends, economic relationships, cultural influence and defence networks.
The US is currently in first place, just ahead of China. They are followed by Japan, India and Russia.
Of the eight factors measured, Australia scored its best in resilience and defence networks, respectively 77.8% and 69.7%. This was closely followed by diplomacy, at 62.6%.
The other measures were all considerably lower, with the lowest of all being Future Trends, at only 3.2%. The overall score, combining all measures, was 32.5%.
The report noted that Australia wielded “more influence in Asia than would be expected from its resources”. It also noted that in 2016, Australia was the second-largest destination for international students, with 282,945 students, and produced 11% of global supply of rare earth metals, second only to China.
The balance of power in the region is likely to change in the near future, in ways that are hard to predict, but may become clearer after the summit meeting between US President Donald Trump and North Korean President Kim Jong-un next month.
Kim Jong-un recently met with South Korean President Moon Jae-in, and twice with China's President Xi Jinping. The meeting with Mr Moon was reported at the time as cordial and optimistic, with Mr Kim announcing an intention to close down North Korean nuclear weapons development.
However, since then Mr Kim has objected to joint US and South Korean military exercises, and pulled out of last week's planned talks with the South. He has even suggested abandoning the planned meeting with Mr Trump.