The poll comes at an early stage of the contest during which Mr Peters has had a lot of media attention. Mr Osborne was only selected as National's candidate on Sunday and is still a relative unknown.
Small polls on individual electorates can be unreliable but the results indicate the contest is closer than National will be comfortable with, especially if a second poll on TVNZ's Q+A programme on Sunday is similar.
It will also reignite talk about whether Labour should signal to Labour voters to vote for Mr Peters instead of Ms Prime to help NZ First take the seat from National.
In a further ego boost for Mr Peters, those polled rejected Prime Minister John Key's insinuation that Mr Peters, at 69, was at the end of his career and would effectively be a one-term local MP.
Asked whether Mr Peters was too old to be the electorate MP, 85 per cent said no. If Peters wins the seat NZ First will get another list MP and National will no longer be able to rely on either Act leader David Seymour or United Future's Peter Dunne to pass legislation that is not confidence and supply.
Northland byelection poll, 3 News Reid Research:
Winston Peters, NZ First: 35%
Mark Osborne, National: 30%
Willow-Jean Prime, Labour: 16%
Other/Don't know: 19%
* poll of 500 eligible Northland voters was taken from 2 - 4 March and has a margin of error of +/- 4.4 per cent.