The competition, launched last July, is for a temporary event space that will be built in the run up to and during the 2012 Olympic Games and Paralympic Games.
Landscape Institute, Townshend Landscape Architects and Canary Wharf Group asked design students to create the multiuse outdoor space.
Alick Nee and Danny Mitchell chose to celebrate the "Great British Summer" with a native wild flower meadow divided by paths in the shape of the union jack.
Structural plants will provide a green backdrop to elements such as big screens, windsocks and umbrellas to mark Britain’s notoriously unpredictable summers.
"Britain is famed for its changeable weather, its washed-out Wimbledon and its surprise summers," said Nee, whose design will be completed in summer.
"Our design celebrates the wind and wet and beers on the beach, umbrellas, fields of billowing windsocks and a picnic lawn with screens showing Olympic events."
Wood Wharf, a cluster of old warehouses, has outline planning approval to be transformed into over 1,600 homes, offices and shops.
Alastair McCapra, chief executive of the Landscape Institute, said: "This exhibition is shows some of the exceptional talent coming up the ranks in our profession.
"All of the design concepts on display demonstrate the kind of inspiring contribution landscape architects can make in creating exciting and beautiful public spaces."
The free show at One Canada Square, Canary Wharf, runs from 26th April to 6th May 2012.
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