In 2002 Hornish returned to Panther Racing, with the team changing manufactures and running a Chevrolet V8. At the season-opening Grand Prix of Miami at Homestead-Miami, he qualified in the pole position and led for 166 of 200 laps to win his fourth career race in the series. Hornish then won the Yahmaha Indy 400 at California Speedway, defeating Jaques Lazier by 0.028 second. At the Indianapolis 500, he qualified in 7th place. In the race Hornish brushed the wall on lap 78, damaging his suspension. He returned to the race and finished 25th place, ten laps behind. Hornish won the SunTrust Indy Challenge at Richmond International Raceway three races later. At the Delphi Indy 300 at Chicagoland he defeated Al Unser Jr. by 0.0024 second, the closest finish in series history. In the final race of the season at Texas, Hornish started in third place and led for 79 laps to win by 0.0096 second. He won his second consecutive championship, amassing five wins and 11 top-five finishes over the season.