The digital companion app has been developed by Facebook's New Product Experimentation (NPE) team and it is the third app the team has launched this week. The last two were focused on collaborative music video creations and voice-only group calling.
Facebook will first test Venue with NASCAR's Food City presenting the Supermarket Heroes 500 race on May 31.
Future NASCAR races will also be hosted in Venue, with commentators including nascarcasm, FOX Sports NASCAR reporter Alan Cavanna and NASCAR driver Landon Cassill.
"As NASCAR makes its return to action over the coming weeks, Venue will provide users with a unique and exciting way to connect with fellow race fans from around the globe -- all from the safety and comfort of their own homes," Tim Clark, NASCAR SVP and chief digital officer, said in a statement.
The service has been widely compared to Twitter's live event streaming capabilities, offering fans a place to interactively gather and respond to events in real time.