The Queenslander has yet to make a halfway cut in any of the seven tournaments he has contested this year outside LIV Golf, including all four majors and last week's Australian PGA at Royal Queensland.
But he is well placed to play a significant role in the weekend action at Royal Melbourne after signing for a one-under 70 in challenging conditions on Thursday.
Even bogeys on two of his final three holes couldn't dampen Smith's mood.
"I fixed a bit of tempo stuff up with my putting," said the 32-year-old.
"That's been really good, particularly with the shorter stuff.
"So I feel like I did pretty good today.
"I feel like I played pretty solid, made all the putts I was supposed to make and I probably left a couple out there, but it is what it is (with the wind) blowing 50Ks an hour."
Smith was in a marquee group including early pacesetter Elvis Smylie (65) and England's former Masters champion Danny Willett (79).
But they were still clearly playing second fiddle to the threesome immediately in front of them - headline act McIlroy, Adam Scott and Min Woo Lee.
The strong winds and slick greens made for a serious challenge - one that Smith relished.
"They did a good job of setting up the golf course," he said.
"Considering what we had today, they could have gone maybe a little bit too far (but) I think it was good.
"It was definitely firm, a touch slower today, but it had to be, and I'm sure over the weekend they'll spice things up a little bit."
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