The local racer was 0.16 seconds quicker than fellow Austrian Anna Fenninger with Marianne Kaufmann-Abderhalden (+0.36) third ahead of Friday’s super combined.
"It was a really good day, I think I made two, three small mistakes that I would like to correct for the races but overall I am satisfied with how I skied,” Kaufmann-Abderhalden said.
“The slope sure held on better than in the previous days, it’s more compact, there is more grip on the snow and that allows you to really attack the course."
Super G gold medallist Tina Maze was happy with her descent after finishing 10th.
“It was a good second training for me, it’s a nice slope, it’s getting icier each day and I am getting excited for tomorrow’s super combined."
Reichelt, winner of the prestigious Kitzbuehel downhill, was 0.11s ahead of Italians Dominik Paris and Christof Innerhofer.
“It was a good day, I am not really happy by how I dealt with a few sections but overall I had a good first training run,” Reichelt said.
The second training run will finish at the final intermediate time due to the women's super combined on Friday.
“I knew that tomorrow I wouldn’t get the chance to test the bottom section again so I wanted to make sure I did things properly today," he added.
1 STERZ Regina AUT 1:53.01
2 FENNINGER Anna AUT 1:53.17
3 KAUFMANN-ABDERHALDEN Marianne SUI 1:53.37
4 FISCHBACHER Andrea AUT 1:53.48
5 HOEFL-RIESCH Maria GER 1:53.56
6 MOSER Stefanie AUT 1:53.58
7 GOERGL Elisabeth AUT 1:53.72
8 COOK Stacey USA 1:53.91
9 ROLLAND Marion FRA 1:53.97
10 MAZE Tina SLO 1:54.21
1 REICHELT Hannes AUT 2:02.98
2 PARIS Dominik ITA 2:03.09
3 INNERHOFER Christof ITA 2:03.33
4 GUAY Erik CAN 2:03.89
5 SVINDAL Aksel Lund NOR 2:03.96
6 KROELL Klaus AUT 2:03.97
7 LUEOEND Vitus SUI 2:04.01
8 HEEL Werner ITA 2:04.11
8 THEAUX Adrien FRA 2:04.11
10 FRANZ Max AUT 2:04.12