PERTH, 23 Oct, 2014 (AFP) - Wade carded six birdies and an eagle three in the morning before he was joined later in the opening round by Olesen.
Olesen compiled eight birdies - four in the outward nine holes and another four coming home -- to lead a group of four golfers on six-under 66.
"I played really, really well the front nine. I gave myself a lot of chances there," Olesen said.
"Especially my short game was amazing out there. My chipping and bunker shots were really, really good. So I'm very pleased."
Playing in the marquee group with fellow European young gun Victor Dubuisson and 2006 US Open champion Geoff Ogilvy, Olesen was bogey-free and full of confidence.
"I haven't played as well as I wanted to this year, so it was nice to get in one of the good groups," added Olesen, who splits his time between the European Tour and PGA Tour.
Sitting two shots behind the leaders were Australia's Michael Sim, Peter Whiteford of Scotland, South Korea's Shiwan Kim and England's Tom Lewis.
The 2011 Masters champion Charl Schwartzel trailed the leaders by four shots after nailing a long-range putt on his final hole.
Defending champion Jin Jeong was even with the card, while 2013 PGA Championship winner Jason Dufner was two-under in his first competitive hit-out since succumbing to a serious neck injury in August.
Rising French star Dubuisson had some work to do after finishing at one-under.
Leading scores after the opening round of the Perth International at Lake Karrinyup (par-72) in Perth on Thursday (Australian unless stated):
64 - John Wade, Thorbjorn Olesen (DEN)
66 - Michael Sim, Peter Whiteford (SCO), Sihwan Kim (KOR), Tom Lewis (ENG)
67 - Brett Rumford, David Drysdale (SCO), Mark Foster (ENG), Matthew Griffin, Julien Quesne (FRA), Magnus Carlsson (SWE), Jason Scrivener
68 - Charl Schwartzel (RSA), Oliver Goss, Marcus Fraser, Richard Bland (ENG), Clint Rice, Stephen Dartnall, Daan Huizing (NED), Jake Higginbottom, Richard Green, Ricardo Gonzalez (ARG), Anthony Brown
69 - Peter Uihlen (USA), Michael Long (NZL), Gregory Bourdy (FRA), Soren Kjeldsen (DEN), David Bransdon, James Nitties, Scott Jamieson (SCO), Ryan Fox (NZL), John Parry (ENG), Josh Younger, Brody Ninyette, Jack Doherty (SCO), Gary Stal (FRA)
Selected scores:
70 - Jason Dufner (USA)
71 - Victor Dubuisson (FRA)