Poulter began the day two shots behind Ogilvy but began with a bang when he made an eagle two at the first at Victoria Golf Club to draw level.
The pair were locked at 13 under the card and well clear of the field before the English star birdied the par seventh third to take the outright lead.
Ogilvy, the local hero, has made a steady if unspectacular start, with pars at each of his first seven holes.
Another Victorian, Marcus Fraser, has produced the most prominent challenge, collecting five birdies to swoop to 10 under and outright third spot.
And World No.1 Luke Donald, out of the spotlight all week after a draining year which saw him win the money lists of both the US PGA and European PGA tours, came alive early.
While off the pace at eight under par, the Englishman bagged three shots through the front nine to take outright fifth.