Dravid led the batting list ahead of Matthew Hayden of Australia and West Indies captain Brian Lara, according to the latest ratings released in London.
Little master Sachin Tendulkar and triple-century maker Virender Sehwag were on seventh and eight positions behind Australian captain Ricky Ponting, South Africa's Jacques Kallis and Pakistan captain Inzamam-ul-Haq who occupied fourth, fifth and sixth places respectively.
In Test bowling, Harmison was the new occupant of the top spot, becoming the first England bowler to top the list for more than twenty years.
Harmison had reached as high as second earlier in the series, but it was his match-winning nine wicket haul in the fourth and last Test against West Indies which lifted him above Sri Lanka's Muttiah Muralitharan and South Africa's Shaun Pollock.
Pakistan speedster Shoaib Akhtar was fourth, Glenn McGrath fifth and Shane Warne at sixth ahead of seventh placed Indian veteran Anil Kumble.
Andrew Flintoff established himself as one of the top three all-rounders in Test cricket. Kallis and Pollock were still ahead of him in the PwC Test all-rounder index, but Flintoff topped the all-rounder index for One-day cricket.