McLaughlin set an average of 233.492mph before Power clocked a 233.483mph to make for another Team Penske one-two-three, albeit in a slightly different order to the day before.
Also through to the Fast Six are another four Chevrolet drivers, namely Josef Newgarden at third-quickest, from Alexander Rossi, his McLaren team-mate Kyle Larson, and AJ Foyt Racing’s Santino Ferrucci.
Now locked into seventh through 12th on the grid respectively are Rinus VeeKay, Pato O’Ward, Felix Rosenqvist, Takuma Sato, Kyle Kirkwood, and Ryan Hunter-Reay.
Power had identified Rossi as the biggest threat to a Penske pole position and so it was that the 2016 Indy 500 winner set a 233.071mph (375.091km/h) average in the #7 McLaren entry with just the Penske trio to come.
Newgarden (#2 Chevrolet) was slightly slower than Rossi had been on his first lap but stayed in the 233mph bracket all the way through to set an average of 233.286mph (375.438km/h) and raise the bar even further.
McLaughlin then pulled out a big 233.870mph (376.377km/h) first lap in the #3 Chevrolet and went on to set an average of 233.492mph (375.769km/h) to move into top spot.
Power, who had suffered a plenum event in morning practice, was last to head out and all but matched the Kiwi on Laps 1 (233.832mph v 233.870mph, 2 (233.615mph v 233.669mph), and 3 (233.409mph v 233.418mph).
He was slightly quicker on his fourth, a 233.079mph (375.104km/h) versus a 233.013mph (374.998km/h), for an average of 233.483mph (375.755km/h) and thus second-fastest for the session.
Larson (#17 McLaren Chevrolet) guaranteed himself at least a Row 2 start in his shot at the ‘double’ with a run of 232.788mph (374.636km/h) which was good enough for fifth.
Ferrucci (#14 AJ Foyt Racing Chevrolet) took sixth on a 232.723mph (374.531km/h).
Locked into seventh is VeeKay (#21 Ed Carpenter Racing Chevrolet) 232.610mph (374.350km/h), a net improvement of four positions relative to Day 1 Qualifying.
O’Ward (#5 McLaren Chevrolet) took eighth on a 232.584mph (374.308km/h) from Rosenqvist (#60 Meyer Shank Racing Honda) on a 232.305 mph (373.859km/h) and Sato (#75 Rahal Letterman Lanigan Racing Honda) on a 232.171mph (373.643km/h).
Kirkwood (#27 Andretti Global Honda) was fifth-fastest in Day 1 Qualifications and looked on to make the Fast Six until he got very high at Turn 1 on his final lap and ultimately set an average of 230.993mph (371.747km/h) to end up 11th.
Hunter-Reay (#23 Dreyer & Reinbold Racing Chevrolet) was first onto the race track and achieved a 230.567mph (371.062km/h) average to stay 12th on the starting grid.
Last Chance Qualifying is next.
Results to follow