KAPOLEI, Hawaii, April 19, 2013 (AFP) - The 32-year-old Norwegian Pettersen reached 14-under-par 202 to break Ai Miyazato's 54-hole scoring mark of 206 which was set last year at the Ko Olina Golf Club course.
South Korea's Seo Hee-Kyung is one stroke back in second, shooting a six-under 66 after making a bogey on the last hole.
Pettersen ran off four straight pars to close out her round Friday.
"My game was a little bit tighter off the bat," Pettersen said. "I found a nice little key on the range last night, just to tighten it up a little bit."
Defending champ Miyazato has sole possession of third place at 11-under 205 after shooting a two-under 70. Kim Hyo-Joo fired a 69 and is one shot back at minus-10.
Thailand's Ariya Jutanugarn is tied for fifth with two others at nine-under after shooting a four-under 68.
Pettersen, a 10-time LPGA Tour winner, started quickly with birdies on the first three holes. That moved her to 13-under par and a commanding four strokes in front of the rest of the field.
Pettersen's lead over Seo was cut to just two after the Norwegian made a bogey on the par-three eighth.
"I felt like I played pretty good," Pettersen said. "It's not like I faded off. Certain pin locations were a little bit harder to get to especially when you are between clubs."
Seo and US player Jessica Korda each shot 66 for low round of the day. Korda is tied for eighth place at minus-eight with world No. 1 Park In-Bee (67) and England's Jodi Ewart Shadoff, who shot a 68.
Seo made a charge, with the help of an eagle on the par-five No. 5, which got her within striking distance of Pettersen.
But the 2011 US Women's Open runner-up stumbled on the last hole with a bogey.
"I've trained a lot the last few months. I watched the Masters last week and seeing their routines helped me out," Seo said. "The shot on five was a harder shot and that eagle made me happy."
Leading third-round scores on Friday in the USLPGA Tour's Lotte Championship (USA unless noted):
202 - Suzann Pettersen (NOR) 65-69-68
203 - Seo Hee-Kyung (KOR) 65-72-66
205 - Ai Miyazato (JPN) 67-68-70
206 - Kim Hyo-Joo (KOR) 66-71-69
207 - Stacy Lewis 67-71-69, Ariya Jutanugarn (THA) 64-75-68, Lizette Salas 69-71-67
208 - Park In-Bee (KOR) 70-71-67, Jessica Korda 72-70-66, Jodi Ewart Shadoff (ENG) 72-68-68
209 - Beatriz Recari (ESP) 67-70-72
210 - Pak Se-Ri (KOR) 70-69-71, Park Hee-Young (KOR) 69-72-69, Kim In-Kyung (KOR) 70-70-70
211 - Giulia Sergas (ITA) 72-71-68, Jane Park 67-74-70, Choi Na-Yeon (KOR) 70-74-67, Danielle Kang 66-76-69, Paola Moreno (COL) 72-70-69, Caroline Hedwall (SWE) 69-72-70, Ryu So-Yeon (KOR) 67-72-72