Jemimah Rodrigues also moved upwards in T20I batting rankings.
She vaulted into the top three of the Women's T20I Bowling Rankings, displacing West Indies' in-form star Hayley Matthews, South African pacer Shabnim Ismail, and Australia's Megan Schutt.
Sharma has been outstanding with the ball at the Women's Asia Cup, taking 3/27 against Pakistan, 2/13 against Bangladesh, and 2/10 against Thailand.
The T20I bowling rankings see Sarah Glenn in second place and Sophie Ecclestone at the top.
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Rodrigues struck a brilliant 76 in India's Asia Cup match against Sri Lanka earlier this month and has made significant contributions in the other matches as well. She made 75* off 45 balls to defeat the UAE, and a 24-ball 35* to defeat Bangladesh.
(ANI inputs)