The duo broke Sorenstam's previous course record at Stonebridge Country Club by a single stroke. Sorenstam posted a 63 en route to one of her 11 victories on the LPGA Tour in 2002.
Angela Stanford and Lorie Kane share third place at 7-under-par 65.
Sorenstam was on fire during her front nine Friday. She drained a pair of three-foot birdie putts at one and two, then collected back-to-back birdies again starting at the fourth.
The defending champion wedged her approach to eight feet to set up birdie at No. 7 and Sorenstam polished off her front nine with a birdie at the ninth after landing in a bunker with her second shot at the par-5 hole.
Sorenstam picked up where she left off on the front nine with birdies at 10 and 11, but ran into her first trouble of the round at the par-3 12th. She found the green but three-putted for bogey to fall back to 7-under par.
The top player in the world rebounded in a big way at the par-5 14th. She knocked a 4-wood onto the green in two and rolled home a 20-foot eagle putt, but once again trouble was looming as Sorenstam missed the green at 16 and failed to get up and down for par.
Sorenstam still had one big play left. At the 505-yard 18th, She played a 6-iron to a foot to set up the kick-in eagle and match the lowest round on the LPGA Tour this season.
'I'm happy with the way I played today,' said Sorenstam. 'I did not make a lot of mistakes at all. I hit a lot of greens and I hit a lot of good drives. When I rolled in some putts early on, I felt comfortable out there.'
And what was it like after last week's circus at Colonial?
'I know it's a new week and I've had several days to kind of come back to earth,' said Sorenstam. 'I feel like I'm back where I want to be. I've been hitting the ball really well the last month.
'There was a good crowd out there. I see some of the buttons 'Go Annika.' I haven't seen them in the past so it was great to see.'
With Sorenstam in the clubhouse and in the limelight, Jones was nearly flawless on Friday. She started on the back nine and collected three birdies in her first five holes, including a pair of 20-footers at 13 and 14.
Jones birdied three holes around the stretch and collected another at the fifth when she knocked a 9-iron to 17 feet. She made it two in a row with a 20-footer at the sixth and then she parred No. 7.
At the par-3 eighth, Jones hit a 6-iron to 20 feet and made another lengthy birdie putt. She reached the green in two at the par-5 ninth and two-putted from 40 feet to match Sorenstam for the lead.
'When we started off I was looking at the scoreboard and I was like God, Annika goes out there and shoots 10-under,' said Jones. 'There were a lot of good scores in the morning. I just didn't make any mistakes and kept it down the fairway.'
Hiromi Kobayashi, Mhairi McKay and Mi-Hyun Kim share sixth place at 6-under-par 66. Denise Killeen, Heather Bowie and Becky Morgan are a shot further back at minus-5.