Scott marked the 10th anniversary of his landmark 2013 triumph with a first-round four-under par 68 to sit three shots off the early lead in a tie for fourth.
He is the leading Australian during the opening round, with British Open champion Cameron Smith signing for a 70 to be also in the mix.
But young guns Min Woo Lee and amateur Harrison Crowe both have work to do to make the halfway cut following opening rounds of three-over 75.
Scott wound back the clock on Thursday with a vintage display of ball striking and could easily have shot even lower with a touch of luck.
After recording back-to-back birdies on the second and third holes, he reeled off 10 consecutive pars before bursting to life late on the back nine.
He birdied the par-4 14th, then eagled the par-5 15th after a breathtaking six-iron approach over the water.
Scott was desperately unlucky not to have aced the par-3 16th, his ball spinning back and missing the cup by centimetres.
Unfortunately, he missed the birdie putt, then another short attempt on No.17 before making his only bogey of the day on the last.Â
Still, the 42-year-old was well-placed ahead of what appears to be a wet and stop-start Masters.
Norway's Viktor Hovland and Spanish superstar Jon Rahm share the clubhouse lead at seven-under 65.
Hovland upstaged playing partner Tiger Woods (74) with his bogey-free round while Rahm recovered brilliantly from a first-hole double bogey with seven birdies and an eagle three on the eighth hole.
American Cameron Young carded a five-under 67 to be third among the early starters.
Scott's fellow Australian former world No.1 Jason Day had an afternoon start and was making a promising start, two under par through his front nine.
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