The #2 Mobil 1 Truck Assist Racing driver clocked a 1:47.8448s on his final flying lap after the chequered flag fell to usurp Stanaway.
The PremiAir Racing driver was a meagre 0.0704s away in second place behind the wheel of the #62 Chevrolet Camaro.
Shell V-Power Racing Team driver Will Davison briefly stood atop the order with a minute to go but wound up third after the last-minute efforts by Wood and Stanaway.
Cooper Murray was another standout for Erebus Motorsport in the YTG-backed #99 Camaro ahead of James Courtney (Snowy River Racing) and Will Brown (Red Bull Ampol Racing).
Nick Percat, Broc Feeney, and Chaz Mostert occupied seventh through ninth with the top 10 completed by solo Supercars debutant Aaron Cameron.
Cameron was among the rookies who benefited from an extra set of tyres, a rule introduced by Supercars this year to aid their development.
Stanaway’s teammate James Golding spent the lion’s share of the session on top after clocking his quickest time on just his second lap.
The 30-minute outing wasn’t without drama. Mostert bowled a wide at Turn 1 in the opening minutes.
Anton De Pasquale threw his DeWalt Racing #18 Camaro off the road at the third-to-last turn on his way to 19th in the session.
Penrite Racing’s Kai Allen also exceeded the limits at Turn 1 midway through the session. He finished 18th and 1.4s off the pace.
Feeney threatened to scrape the wall out of Turn 8 but escaped any harm. Moments after setting his quickest lap, Murray went off at Turn 1.
Practice 2 at the Formula 1 Australian Grand Prix for the Repco Supercars Championship is scheduled for 1:25pm AEDT.
Results: Repco Supercars Championship MSS Security Melbourne SuperSprint, Practice 1
| Pos | Num | Driver | Lap | Diff | Gap |
| 1 | 2 | Ryan Wood | 1:47.8448 | ||
| 2 | 62 | Richie Stanaway | 1:47.9152 | 0.0704 | 0.0704 |
| 3 | 17 | Will Davison | 1:48.2616 | 0.4168 | 0.3464 |
| 4 | 99 | Cooper Murray | 1:48.4228 | 0.5780 | 0.1612 |
| 5 | 7 | James Courtney | 1:48.4258 | 0.5810 | 0.0030 |
| 6 | 1 | William Brown | 1:48.4949 | 0.6501 | 0.0691 |
| 7 | 10 | Nick Percat | 1:48.5353 | 0.6905 | 0.0404 |
| 8 | 88 | Broc Feeney | 1:48.5786 | 0.7338 | 0.0433 |
| 9 | 25 | Chaz Mostert | 1:48.6131 | 0.7683 | 0.0345 |
| 10 | 3 | Aaron Cameron | 1:48.6595 | 0.8147 | 0.0464 |
| 11 | 31 | James Golding | 1:48.7114 | 0.8666 | 0.0519 |
| 12 | 9 | Jack Le Brocq | 1:48.8029 | 0.9581 | 0.0915 |
| 13 | 4 | Cameron Hill | 1:48.9197 | 1.0749 | 0.1168 |
| 14 | 6 | Cameron Waters | 1:48.9541 | 1.1093 | 0.0344 |
| 15 | 55 | Thomas Randle | 1:49.0553 | 1.2105 | 0.1012 |
| 16 | 19 | Matthew Payne | 1:49.2525 | 1.4077 | 0.1972 |
| 17 | 20 | David Reynolds | 1:49.2734 | 1.4286 | 0.0209 |
| 18 | 26 | Kai Allen | 1:49.2737 | 1.4289 | 0.0003 |
| 19 | 18 | Anton De Pasquale | 1:49.2988 | 1.4540 | 0.0251 |
| 20 | 38 | Brodie Kostecki | 1:49.3744 | 1.5296 | 0.0756 |
| 21 | 12 | Jaxon Evans | 1:49.6210 | 1.7762 | 0.2466 |
| 22 | 8 | Andre Heimgartner | 1:49.6933 | 1.8485 | 0.0723 |
| 23 | 14 | Bryce Fullwood | 1:49.9457 | 2.1009 | 0.2524 |
| 24 | 96 | Macauley Jones | 1:50.1311 | 2.2863 | 0.1854 |
