Ozaki's 9-under 63 at the En-Joie Golf Club missed the course record by a stroke.
Ozaki closed with four straight birdies to post his lowest round on the Champions circuit.
Bruce Vaughan, whose best tour finish has been a second in this tournament a year ago, shared sixth place at 67 with Bobby Wadkins, Morris Hatalsky, John Harris and Des Smyth.
Defending champion R.W. Eaks had a 75 in a round that included three double bogeys.
Notable deaths of 2014 [PHOTOS]
Michael Sam cut from the Dallas Cowboys