In the unique qualifying competition, Busch turned a lap and his pit crew completed a four-tire stop in a total of 2 minutes, 01.956 seconds.
Jeff Gordon won the outside spot in the first row with a time of 2:02.494. Gordon has won this event three times.
The event will be the last for 1999 series champion Dale Jarrett, who has already retired from active racing.
"It's just an opportunity to say goodbye to the fans," Jarrett said. "The fans that you see come to that All-Star event are the fans that really make up what this sport is about. This is really my opportunity to get in front of a huge crowd in a place that means a lot to me."
The winner of Saturday night's winner-take-all race will earn $1 million.