Hatalsky, a three-time winner on the PGA TOUR who has four Champions Tour victories, had eight birdies -- including a 30-footer on No. 8 -- and only one bogey.
Vaughan, who only played one full season on the PGA Tour (1996), had nine birdies and two bogeys in his first tournament round ever on the Del Monte Golf Course.
'I putted very well today. I hit good putt after good put,' said Hatalsky, who has four top-10 finishes this year but hasn't won since April 2006.
'It was a wonderful day for me at Pebble Beach. I was a little concerned about my starting time was so early, but I played well.'
Vaughan, playing in his 13th event this season, has open qualified in eight tournaments.
'Lots of my birdies were pretty close,' said Vaughan, who finished second in July at the Dick's Sporting Goods after Monday qualifying. 'I drove the ball well, kept in it play and missed only two greens. I'm pleased with my year, especially with having to qualify each week.'
Bob Gilder, who has won in five of his seven Champions Tour seasons but not this year, shot a 66 at Del Monte.
Tom Watson, birdied the 18th to join early finisher Kirk Hanefeld, a former club pro playing his second season on the Champions Tour, at 67.
Former First Tee Open winner Craig Stadler and five others opened with 68s.
Hatalsky and Watson were the two players among the first-round top-11 who played at Pebble Beach.
Bernhard Langer, making his Champions Tour debut after turning 50 Monday, shot a 69 at Pebble Beach.
Defending champion Scott Simpson had a 72, also at Pebble Beach.
The 54-hole event with Champions Tour players paired with juniors from the First Tee program as well as amateurs, continues Saturday at Pebble Beach and Del Monte.
The final round of the $2 million will be held Sunday at Pebble Beach. The winner will earn $300,000.