Driving his father Richard's Lola T332, Davison recorded the fastest ever F5000 lap at the venue, stopping the clocks in 1:25.5s.
For comparison, the time is over five seconds quicker than that which won Chaz Mostert the V8 Supercars Armor All Shootout at SMP in February.
Davison went on to win two of the weekend's three races, beaten only in the first heat by the Chevron B24/28 of Tom Tweedie.
Other historic classes in action at the Speedfest included the Heritage Touring Cars, which saw Terry Lawlor lead Tony Alford to a Nissan GT-R one-two in all three races.
VIDEO: Alex Davison's Formula 5000 pole lap