A Lim Kim, who won the US Open in December, also shot 64 and was tied with Brianna Do (66) and Ally Ewing (69) at 10-under.
Ko credited her sensational final round at the ANA Inspiration, as well as her coach Sean Foley, as sources of confidence to begin this latest tournament on a high.
"I think that final round, I really took and fed on my momentum throughout the day. When you get off to a good start it sets the pace," Ko said.
"Sean has obviously helped a lot in the technical aspect, but he's been super helpful for me for a lot of things that go on between the ears. He has been there to slap me out of it if I'm not thinking right or overcomplicating it.
"He's just somebody that has built up a lot of confidence, and I think at the end of the day the confidence and belief in yourself is the 15th club in the bag and almost the most important club."
Despite Ko's unbelievable run of form, she says she's determined to keep working on her game and focus on the course, rather than the competition.
"Coming into this week obviously coming off the best round in a really long time, I kind of didn't know what to expect.
"Obviously you feel like your game is moving in the right direction but you don't want to kind of slack off.
"Every day is a new day. Some days I feel like I got it and the next day I feel like I'm doing the same thing and I don't even know what I'm doing anymore."