It seems every time Michael Phelps dives in the pool, it's him versus television's world record red line.

The line is copping a belting.

On Thursday night, Phelps made it 3-0 to him at the FINA world championships at Rod Laver Arena, tearing another page out of swimming's record book on his way to his third world record in Melbourne.

Phelps led home compatriot Ryan Lochte (1:56.19) and Hungarian Laszlo Cseh (1:56.92s).

The American carved 0.86sec off the men's 200m individual medley mark - his 1min 54.98sec the 19th individual world record of a career which looks destined to be remembered as swimming's greatest ever.

Ian Thorpe broke 13 world records in his career.

It seems now the Australian's decision to get out of the sport before Phelps took it to another level may have been inspired.

Phelps' freakish five world records at the 2003 world championships, followed by six gold medals at the Athens Olympics, could well be bettered in Melbourne.

The 21-year-old now has four gold medals in Melbourne, Thorpe's remarkable former 200m freestyle world record in his keeping, and is well on track for the eight golds that many believe he can win at these championships.

Even Phelps, so far reticent to suggest he could win eight golds or repeat his 2003 worlds heroics, seemed to think it was a possibility after he rewrote history again at Rod Laver Arena.

"I've done three best times in back-to-back days, and it's been since 2003 since I've done that," Phelps said.

"I think I'm on that track, yes, but I'm only halfway done."

Phelps' performances are evoking comparisons with world sport's dominant figures, including the more regular king of Rod Laver Arena where the Australian Open tennis is held, Roger Federer.

Throw in names like Tiger Woods and Michael Jordan - this is the rarefied air that Phelps is moving into, and so far it's the only thing that has left him gasping in Melbourne.

"To be (mentioned) in the names of guys like Tiger Woods, Roger Federer - some of those guys are just incredible - so to be able to be included in that is a pretty big accomplishment and something to be proud of."

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