Schlierenzauer's two jumps of 141m and 137m earned him 276.5 points to secure his 41st World Cup event.
And at just 22 years of age, he is expected to soon overtake Nykanen and set a new-all time record.
Norwegian Anders Fannemel had the home crowd smiling from ear to ear as he held the lead after the first round of jumps.
And although he could not hold on to top spot there was plenty to cheer about as he finished second for his first World Cup podium.
Completing the podium in Norway was Schlierenzauer's compatriot Thomas Morgenstern, the two having 138 podium finishes between them in contrast ton Fannemel's maiden placing.