The Swede only turned professional in June after a stellar amateur career that saw him become a collegiate superstar en route to topping the World Amateur Golf Ranking.
His transition into the paid ranks has been seamless, with a maiden DP World Tour victory in Switzerland earlier this month followed by selection to take on the United States in the Ryder Cup at Marco Simone Golf and Country Club.
A 66 on day three at DP World Tour HQ moved him to 16 under and he now has the chance to make it back-to-back wins, with Ryder Cup team-mate Tommy Fleetwood and Scot Connor Syme his nearest challengers.
Home duo Aaron Rai and Callum Shinkwin were at 13 under alongside Kiwi Ryan Fox, one clear of Masters champion Jon Rahm.
It is six years since Alex Noren became the first Rolex Series champion at Wentworth and Åberg is looking to become just the second Swede to win in the Rolex Series and at this historic event.
"Even if I wasn't leading, I'd be looking forward to playing a Sunday round at Wentworth," he said. "Such an iconic place and I'm just fortunate to play good golf the last three days and hopefully I'll keep playing.
"I almost got a little bit of a warm-up the first two days playing with Rory (McIlroy), a lot of stuff going on. I felt like I handled it well the last two days and did the same today where I kept my feet where they are and tried to focus on one shot at a time. Hopefully I'll do the same tomorrow and play some good golf.
"I felt like I was striking the ball pretty good today even though I had a few left misses with my driver but ended up with some key saves here and there and then with a few nice shots coming in."
Thomas Detry joined overnight leader Åberg at the top with a six-footer down the hill on the first and was alone at the summit with a two-putt gain on the fourth.
Playing partner Fleetwood had bogeyed the third but he eagled the fourth from 12 feet to sit alongside Åberg, although he would not be there for long as the 23-year-old put an incredible second to five feet on the same hole to leapfrog into the lead with an eagle.
Fleetwood made a stunning 40-footer on the fifth to get within one and Detry was in a share of top spot on the next when he put an approach to six feet.
Åberg found a tricky lie on the seventh but played a wonderful recovery to eight feet to lead before Detry holed a 20-footer on the eighth but Åberg hit back on the same hole to lead again.
Detry missed the green at the tenth to hand Åberg a two-shot lead but Fleetwood put his tee-shot to four feet at the same hole and when the playing partners both took advantage of the 12th, the lead was back to one.
Åberg made a two-putt gain of his own on the 12th but had to make a 36-footer on the next to keep it to a bogey after sending his tee-shot a long way right and he soon had company at the top in the form of the charging Syme, who carded a 65.
The 28-year-old turned in 34 with two birdies and a bogey but came to life on the back nine, putting his tee-shot to ten feet on the tenth and then his second to six feet on the 12th for an eagle.
Lengthy putts followed on the 13th and 15th and an approach to five feet on the 16th had him in a share before Åberg put a beauty to five feet at the 15th to edge back ahead.
Fleetwood almost holed his eagle chip on the 17th but made a birdie to sign for a 67 and get within one before Åberg got up and down from the sand on the last.
Shinkwin enjoyed a brilliant day, making eight birdies in a blemish-free 64, while Rai dropped a single shot alongside six birdies in a 67.
Fox had more of a roller coaster, making eagles on the fourth and 12th but carding a double on the fifth and a bogey on the tenth to go with five birdies in a 66.
Spaniard Rahm was on the charge as he turned in 30 but lost momentum in a 66 that left him a shot ahead of English duo Tyrrell Hatton and Nathan Kimsey, Dane Marcus Helligkilde and Austria's Sepp Straka.
Belgian Detry was then in a group at ten under after a bogey on the 14th and double on the last saw him fall back after a 71.