Melbourne-bound Tiger Woods took his foot off the accelerator to slip two strokes behind arch rival Phil Mickelson after the third round at the $US7 million ($A7.68 million) HSBC Champions tournament on Saturday.

"I didn't putt as well as the first two days and I didn't take advantage of the par-fives on the back nine," Woods said after a less-than-stellar two-under-par 70 at Sheshan.

While Woods slipped back, Mickelson vaulted into the lead with a near-flawless 67 that included only one bogey.

He posted a 14-under 202 total, with Woods and another American, Nick Watney, equal second on 12-under.

It's a dream scenario for Asia's first World Golf Championships event to have the world's best two players first and equal second going into the final round.

Mickelson came from behind to beat Woods and win the US Tour Championship last month, but this time he will have a headstart.

"I think it will be a fun day and we are excited to be playing in the last group here in China," Mickelson said.

Added Woods: "For me to win, I'm going to have to play well tomorrow and make some putts."

Whether or not Woods wins, there is little doubt his game is in good shape heading to the Australian Masters at Kingston Heath.

Australian Geoff Ogilvy matched the day's best score, a 65, to vault into a tie for 17th, a distant nine strokes off the pace.

However, a bogey at his final hole, where he missed a three-metre putt, cost Ogilvy a share of the course record.

"I played a little better," said the Victorian, whose score could have been even better, because he missed two short putts from inside two metres on his front nine.

"The course is there if you hit good shots. For two days I didn't hit it very well or make many putts. Today I hit it a bit better and made a few."

Ogilvy, who began at No. 10, picked up four strokes in three holes in a purple patch to the turn.

He pitched in for eagle from 75 metres at the par-four 16th, rolled in a nice birdie at the par-three 17th and then had a stress-free two-putt birdie at the par-five 18th after reaching the green in two shots.

"It's nice not to be propping up the field," said Ogilvy, who has endured a relatively lean period for the past eight months after starting the year like a house on fire with two early season victories in the US.

"If I have another (similar) round tomorrow, I could finish in the top four or five. At least I've got potential."

Compatriot Robert Allenby is another stroke behind after a 70, with Rod Pampling further back at even par.

Pampling made a nice start with two early birdies, but his round came a screeching halt when he ran up a triple bogey at the par-five eighth.