"I think that I've been playing better than I ever have, for the reason that I'm driving the ball in the fairway now," world number eight Mickelson told reporters after his 3 and 2 victory over Chris DiMarco in the third round on Friday.
Earlier in the day, the left-hander destroyed British Open champion Ben Curtis 7 and 6 in a one-sided second-round tie.
"I missed three fairways today out of 26 attempts, which for me is exceptional and imperative given how thick the rough is out here."
"The other factor has been distance control with the short irons. I've mentioned it a bunch (of times) but it's because it's very important."
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World number five Love started this week with a 6-5 record in four years but did reach the consolation match in 2000, losing to David Duval 5 and 4.
Mickelson, whose emphatic victory over Curtis equalled the record in the competition, had won four and lost four matches coming into this year's event.
Love has trailed for only one hole of the 48 he has played this week.
"I saw the draw, I knew what I'd have to go through, probably (Fred) Couples, (Adam) Scott and Mickelson, so it came true," Love said after beating Couples 3 and 2 in the second round and Australian Scott 4 and 3 in the third round.
"I'll just have to keep playing better every match to move on, which I have done so far."