Wallace, an eight-time pole winner this year, went out right after Stewart in his Ford and nearly made it nine with a lap at 95.338 mph. Burton, whose Ford went out 12th, turned his best lap at 95.319 mph.
Stewart, who gained a share of the series lead with Wallace with his fourth victory of the season last weekend in Dover, Del., said his success in qualifying on the Winston Cup series' shortest track is a mystery.
"This is probably the toughest track that I have tried to conquer," he said. "I haven't figured out how to be good here and be good here all day. I get very impatient and that causes me a lot of problems."
Stewart's best finish at Martinsville was a sixth, also in April, but he said he won't have an idea how he'll do until practice Saturday. Even then, the rough-and-tumble style of racing here can scuttle everything.
"Even if you have the fastest car on Sunday, this place can still be rough," he said. "We're just going to take it one step at a time."
Wallace, tied for second among active drivers with six victories at Martinsville and a three-time polesitter, was surprised by the speeds.
"We got close, but really, I didn't think I could run that fast," he said. "When Jeff laid that lap down, I said, `Man, nobody's going to be able to beat that one."'
But Burton figured Stewart - the 42nd of 48 drivers to take laps - was the man to beat after he consistently ranked at or near the top of the speed charts in practice.
Gordon, whose victory a year ago was his first after crew chief Ray Evernham's resignation, qualified fifth as the first car on the track. He will try to become the first successful defending champion here since Darrell Waltrip's 11th and most recent Martinsville victory in 1989.
"I hated that we had to go first because we've got such an awesome race car," said Gordon, seeking his fourth victory here overall.
Waltrip, retiring after this season to become a broadcaster, will line up 18th in the last of his of 52 career starts at Martinsville.
"I was going to kill that second lap. I had her wound up, and I was going to set me a new track record," the effervescent Waltrip said after his run. "I killed it all right. I missed the whole first turn."
Mark Martin, who won here in April from the 21st starting spot, had another tough day of time trials. He was 23rd-fastest at 94.557 mph.
"We've been a dog all day," Martin said.
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