Hedwall also had five birdies and two bogeys in a 7-under-par 65. She's at 11-under 133 after 36 holes and has a one-stroke lead over first-round leader Suzann Pettersen.
Pettersen, who could overtake Inbee Park as the No. 1-ranked women's golfer, had five birdies while shooting 68 in the second round to move to 10-under for the tournament. Minjee Lee, who eagled the par-4 No. 1 hole, is alone in third at 9-under after a 67.
Anna Nordqvist turned in the score of the day with a bogey-free 8-under 64 and is tied with Holly Clyburn and Lydia Ko for fourth at 8-under. Clyburn and Ko were also bogey-free Friday and turned in 68s.
Hedwall started the day on the second nine of the Victoria Golf Club with five pars. She dropped in a birdie putt at No. 15 and then used 7-iron on the 160-yard 16th to bounce in for a hole-in-one. It was her fourth ace as a professional.
She added a birdie at the par-5 18th -- where she had eagle Thursday -- and got to 5-under with a birdie at No. 1. Bogeys at 3 and 6 slowed her but she closed her round birdie-eagle-birdie for the lead. Her second shot at the eighth hole left her just 4 feet away for eagle.
2014: NFL Cheerleaders [PHOTOS]
Michael Sam cut from the Dallas Cowboys