Schlierenzauer has been edging ever closer to Nykanen's all-time World Cup tally throughout the season with successes in Lillehammer, Sochi, Engelberg, Innsbruck and Bischofshofen.
However he travelled to Vikersund for the first of four successive ski flying events having not won in four having missed the last round in Sapporo, which saw Jan Matura do the double, with flu.
And, even when the first round was done and dusted in Norway, Schlierenzauer was sitting second behind Simon Ammann despite producing the best leap of 216.5m.
Ammann jumped 215.5m but was awarded a better score by the judges, the Swiss athlete heading into the second round with a total of 200.9 compared to 199.5 for Schlierenzauer.
However the two-time Four Hills champion was not to be denied in the second round as he once again recorded the biggest jump but this time by much more than anyone else.
Schlierenzauer leapt as far as 240m for 418.7 overall and, with Ammann only managing 229.5, the Austrian won by a margin of just 0.5 points in Norway.
That moves Schlierenzauer level with Nykanen at the top of the all-time World Cup wins list with 46 with a second ski flying event scheduled for Sunday in Vikersund.
After missing the two events in Sapporo, Schlierenzauer extends his lead at the top of the overall World Cup standings to 197 points with Anders Bardal, who was 12th, second with a total of 743.
Little separated the top five, with Robert Kranjec, Andreas Stjernen and Kamil Stoch all leaping 232.5m in the second round with just 0.8 points between third and fifth.
Kranjec took fifth with 417.6 in total with Stjernen 0.4 behind in fourth and then Stoch another 0.4 adrift for fifth while Piotr Zyla was sixth with 394.9.