Pettersen's ace on the 133-yard par-3 second hole helped her finish the round seven under after 36 holes, comfortably ahead of Sun Young Yoo of South Korea and Spain's Carlota Ciganda. They stood at two under.
"It was a very good shot," the Norwegian said. "I called the shot, hit it exactly how I wanted and was fortunate enough that I had a good break."
Pettersen's hole-in-one, the 19th on the LPGA Tour this year, came on one of the two holes she bogeyed on Thursday en route to a 68.
Her drive on Friday landed near the centre of the green, about 10 yards from the cup, before rolling in.
Yani Tseng, the 2011 Sunrise champion, shot a 6-over 78, leaving her 17 strokes off the pace.