Based on his luck on the previous two occasions -- race collisions put him out before the finish -- the Team Australia driver wasn't getting too excited by any hype that had him as the driver to beat Sunday.
"It's still early and qualifying isn't until tomorrow," Power said. "That and Sunday are all that matter to me. I am glad we are quick, but we still need to improve the car a bit."
He was fastest by 1.35 seconds over two-time Indianapolis 500 winner Helio Castroneves, who was cleared to travel to Australia only two weeks ago after having his bail conditions on tax charges modified by a judge.
Power won the pole in 2006, when he collided mid-race with Sebastien Bourdais, and in 2007, when contact with Katherine Legge put him out after 18 laps.
Only three pole-sitters have won the Surfers Paradise race: Nigel Mansell in 1993, Jimmy Vasser in 1996 and Dario Franchitti in 1999.
The IRL is making its first appearance in Australia since February's unification between the Champ Car World Series and the Indy Racing League. Only half the drivers in the 24-car field -- the largest since 2001 -- had previously encountered the tricky, 2.8-mile, 14-turn course ahead of Sunday's non-points race.
The experience proved valuable for Power, Britain's Justin Wilson -- who finished second here last year -- and Franchitti, as they led the 90-minute early morning session.
In the second hour-long session, Power dominated in 1 minute, 34.8084 seconds. Team Penske driver Castroneves timed 1:36.1609 and Franchitti, driving for the first time this year with Target Chip Ganassi Racing, was third with 1:36.1712.
Power's time Friday was five seconds slower than his winning pole time last year. Indy car engines operate on several hundred horsepower less than the old Champ cars and the IRL's chassis are also thought to be better suited to ovals than the constant bump and grind of temporary street circuits.
"It's a very challenging track, and a lot of fun when you get it right," said Castroneves. "You just need to find yourself around here, where to brake with all the bumps."
Castroneves has been charged with conspiracy and tax evasion for allegedly dodging U.S. taxes on about $5.5 million in income by using offshore accounts. He has pleaded not guilty and was freed on $10 million bail.
Franchitti, the 2007 series champion, is making his return to the IRL after an aborted move to NASCAR.
"It's good to be back," he said. "I wasn't sure how I was going to go after being out of the car for a year.
"I was surprised how quickly it came back to me. It's been five or six years since I drove here, but first lap out it felt like I hadn't been away."
Oriol Servia was fourth quickest in the second session, Graham Rahal fifth and Wilson sixth. Next was series champion and Indy 500 winner Scott Dixon -- born nearby in Brisbane but raised in New Zealand -- followed by 2003 race winner Ryan Hunter-Reay in eighth.
Danica Patrick, who became the first woman to win a major open-wheel event in Japan in April, was 20th, 5.2 seconds slower than Power. She is making her first trip to Australia.
This is the first IRL race since Sept. 7, and Dixon has spent the past six weeks traveling, including two trips to New Zealand.
"It's been a fun first day back," Dixon said. "It felt like starting a new season."
Another practice session is scheduled for Saturday morning ahead of afternoon qualifying.
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