The commercial broadcaster's coverage of the Chinese Grand Prix, between 6am-9am, pulled in an average audience of 1.5m viewers and a 43% share during the live race, according to unofficial overnight figures.
ITV1 screened a re-run of the race later on in the day, between 11:30am-1:30pm, which was watched by an average audience of 1.5m and an 18% share. The programme peaked at 2m, with a 24% share, at 12:40pm.
Although Hamilton dominated the early stages in Shanghai, he lost the lead to Ferrari's Kimi Raikkonen's on lap 29 and later slid into gravel and out of the race.
His failure to finish has set up a mouth-watering, three-way battle for the championship between Hamilton, Raikkonen and current world champion Fernando Alonso at the Brazilian Grand Prix on Sunday.ITV executives will be rubbing their hands with glee at the prospect of Hamilton clinching the championship in Brazil, with live coverage of the race starting in a teatime slot at 5pm.
Recent races such as the Chinese Grand Prix have been scheduled at unfavourable times in the early hours of the morning, but the Brazilian Grand Prix will hand ITV a ratings bonanza and the opportunity to charge advertisers a premium.
Simon Shaps, ITV director of television, said: "October is proving to be a bumper month for sport on ITV."