Rhoden, the winner of 50 celebrity golf titles, aced the 186-yard, 17th hole with a 5-iron and finished with a 2-under 70 for a 6-under 138 total at TPC Eagle Trace.
It was Rhoden's ninth career hole-in-one and fourth in competition. He also made one at the 2006 U.S. Senior Open.
'I played pretty well today, but I just didn't putt as well as I would have liked and missed several opportunities,' Rhoden said. 'There were some difficult holes out there, especially on the back nine with the wind and water being a factor. I didn't see my ball go in at No. 17, but when I got closer to the hole I saw one of our rules officials making a signal that it went in.'
Mark Balen (67) and Scott Masingill (72) were two strokes back, and Rick Karbowski (70), Ron Schroeder (70), Pat Laverty (70) and Jack Ferenz (70) were 3 under.
After the fourth round Friday, the low 30 players and ties will earn spots into open qualifiers at all co-sponsored events on the 2008 Champions Tour.
Rhoden had been bothered by neck problems the last four years stemming from an accident he had in 2002 when his car was hit by a cement truck.
'I had surgery last January for a disk problem and I feel much better now,' Rhoden said. 'I had developed some bad habits the last four years after that accident and I still have some, but I am playing better.'