Lee Holdsworth led a one-two result for Erebus Motorsport in the final practice session of the day at the Castrol Townsville 500.
Holdsworth and team-mate Davison made the most of their new tyres in the closing stages of the 20 minute hit-out.
Holdsworth ran a 1:13.78s and then a 1:13.70s on his final two-lap run, while Davison chimed in with a 1:13.79s best.
Scott McLaughlin improved from fifth to third with 1:13.79s on his own final lap.
Jamie Whincup ended up fourth, less than 0.1s adrift of Holdsworth, after briefly taking the top spot with just under five minutes remaining.
The day's earlier pace-setter, Shane van Gisbergen, wound up a further 0.1s back in fifth.
Jason Bright rebounded from his troubled Practice 2 in sixth ahead of Walkinshaw trio Nick Percat, James Courtney and Garth Tander.
Mark Winterbottom completed the top 10 after another session that saw the championship leading Ford Performance Racing Falcon fail to threaten the top runners.
Fabian Coulthard improved his difficult run with 11th, two places ahead of fellow title contender Craig Lowndes.
Robert Dahlgren's Volvo returned to the track for Practice 3 following its incident earlier in the afternoon.
The Swede completed 11 laps to end up with the 22nd quickest time.
A fourth practice session is scheduled to take place from 1030 local time tomorrow.
See below for the full Practice 3 result
1 | Erebus Motorsport V8 | Lee Holdsworth | Mercedes E63 AMG | 01:13.70 | |
2 | Erebus Motorsport V8 | Will Davison | Mercedes E63 AMG | 01:13.79 | 00:00.09 |
3 | Valvoline Racing GRM | Scott McLaughlin | Volvo S60 | 01:13.79 | 00:00.09 |
4 | Red Bull Racing Australia | Jamie Whincup | Holden Commodore VF | 01:13.80 | 00:00.10 |
5 | Team Tekno VIP Petfoods | Shane Van Gisbergen | Holden Commodore VF | 01:13.91 | 00:00.21 |
6 | Team BOC | Jason Bright | Holden Commodore VF | 01:13.95 | 00:00.25 |
7 | Walkinshaw Racing | Nick Percat | Holden Commodore VF | 01:14.10 | 00:00.40 |
8 | Holden Racing Team | James Courtney | Holden Commodore VF | 01:14.12 | 00:00.42 |
9 | Holden Racing Team | Garth Tander | Holden Commodore VF | 01:14.12 | 00:00.42 |
10 | Ford Pepsi Max Crew | Mark Winterbottom | Ford Falcon FG | 01:14.14 | 00:00.44 |
11 | Lockwood Racing | Fabian Coulthard | Holden Commodore VF | 01:14.18 | 00:00.48 |
12 | Jack Daniel's Racing | Rick Kelly | Nissan Altima | 01:14.18 | 00:00.48 |
13 | Supercheap Auto Racing | Tim Slade | Holden Commodore VF | 01:14.28 | 00:00.58 |
14 | Red Bull Racing Australia | Craig Lowndes | Holden Commodore VF | 01:14.29 | 00:00.59 |
15 | Repair Management Aust Racing | Russell Ingall | Holden Commodore VF | 01:14.35 | 00:00.65 |
16 | Jack Daniel's Racing | Todd Kelly | Nissan Altima | 01:14.37 | 00:00.67 |
17 | Ford Pepsi Max Crew | Chaz Mostert | Ford Falcon FG | 01:14.45 | 00:00.75 |
18 | Wilson Security Racing | David Wall | Ford Falcon FG | 01:14.46 | 00:00.76 |
19 | Wilson Security Racing | Scott Pye | Ford Falcon FG | 01:14.55 | 00:00.85 |
20 | Norton Hornets | Michael Caruso | Nissan Altima | 01:14.66 | 00:00.96 |
21 | The Bottle-O Racing Team | David Reynolds | Ford Falcon FG | 01:14.70 | 00:01.00 |
22 | Valvoline Racing GRM | Robert Dahlgren | Volvo S60 | 01:14.79 | 00:01.09 |
23 | Team JELD-WEN | Jack Perkins | Ford Falcon FG | 01:14.93 | 00:01.23 |
24 | Team Advam/GB | Dale Wood | Holden Commodore VF | 01:15.14 | 00:01.44 |
25 | Norton Hornets | James Moffat | Nissan Altima | 01:15.46 | 00:01.76 |