Park, a four-time major winner, is one shot ahead of a trio of players who are at three-under, including world No 4 Suzann Pettersen.
World No 1 Stacy Lewis, who has been the form player on the LPGA Tour in 2014, is in a tie for seventh at one-under.
Ko's round took shape with four birdies and a bogey during a busy front nine. The world No 2, who is still yet to win a major, then made nine-straight pars to finish her round.
British teenager Charley Hull shot the round of the day with a six-under 66, which included nine birdies and three bogeys, as she jumped to a share of seventh at one-under.
"I felt a bit of pressure at the start of this week knowing that people were expecting a lot of me so I feel like I have stepped up there today and really proved myself," Hull told reporters.
"The plan is to do the same tomorrow. I'm just going to go out there and do my own thing."
Meanwhile, Kiwi golfers Danny Lee (rounds of 73 and 70) and Tim Wilkinson (74 and 68) both missed the cut yesterday at the John Deere Classic on the PGA Tour in Illinois.
On the second-tier Web.com Tour, Hamilton's Steven Alker (70 and 74) missed the cut as he tried to defend his Utah Championship crown in Sandy.