One ahead of the field overnight at the Kapalua Resort, Ogilvy fired a five-under-par 68, surviving an untidy finish to maintain control in the Tour's opening event of the season.
He dropped his only shot of the tournament at the par-four 17th, where he three-putted from long range, and also three-putted to par the last for an 11-under total of 135.
"I'm happy where I am," Ogilvy told reporters. "I played really, really well the front nine and made a bunch of putts. I didn't hit many good shots, but made some putts.
"On the back nine, I couldn't really make a putt. I birdied the 15th and then finished a bit rough which is frustrating."
American D.J. Trahan, who played very little golf over the last three months while spending most of his time hunting, carded a best-of-the-week 66 to vault into second place.
South African Ernie Els, champion here in 2003, was a further stroke back in third after occasionally struggling with his putter en route to a topsy-turvy 69.
Ogilvy, who set the pace on Thursday with a bogey-free 67, picked up his first shot of the day at the par-four fourth where he rolled in a 15-footer.
He also birdied the par-five fifth, reaching the green in two and two-putting, before setting up another birdie with a superb second shot to four feet at the sixth.
Further birdies followed at the eighth and ninth, where he cleverly used the contours of the elevated green to leave his third shot within five feet of the cup, to put him briefly four ahead of the chasing pack.
However, the 31-year-old picked up only more shot after the turn, pitching to six feet at the par-five 15th and calmly rolling in the putt.
On a glorious day of sunshine and shifting breezes on the island of Maui, he stumbled at the 17th and failed to birdie the par-five last after narrowly missing a six-footer.
"The wind changed somewhere between our tee shot on 17 and the second shot on 17, and you couldn't feel it where we were standing," Ogilvy said. "I was at least one club short.
"I'm pretty annoyed at the way I finished but I'm happy with where I am and how I'm playing."
Trahan, who booked his place in the winners-only field with victory at last year's Bob Hope Classic, was delighted with a round that included a 36-foot eagle putt at the 15th.
"I'm really, really pleased with the way I played today," the tall American told reporters.
"The eagle on 15 was a tremendous gift and at no point did I expect to make that putt. It had 15 feet of break on it. I was just hoping to two-putt, so it was awesome."
Trahan felt he had benefited from his lengthy break from the game to focus on moose and deer hunting.
"I enjoy hunting a lot," he said. "I spent several months doing pretty much nothing but that.
"For me, hunting is as much for fun as it is to spend time with friends. And when it was time to get back, maybe two weeks ago, I started picking the clubs back up again."
