Just reviving this thread for a question I have. How does your rank in your cohort matter and if a higher rank in SACs means better SS than how do top schools with even the lower ranked students getting high marks end up with good study scores? TL:DR; does your rank within your cohort affect your SS?
A lower rank doesn't necessarily mean a lower SS.
It's the exam that matters. Rank is just a position. I mean, person A (who is rank 1) maybe 40% ahead on SACs from person B (who is rank 2), however, VCAA won't be seeing those marks, as they are only interested in your ranks, not your SAC marks (as different schools will me their SACs easier/ more difficult relative to other schools). So if person B ends up scoring higher than person A on the exam, there a full possibility of him/her attaining a higher SS than person A.
I am not saying neglect your ranking and don't do well on the SACs. You have to do well on the SACs to get a good SS. It not only affects your ranking, but also indicates how you might do on the exam.
As for elite schools, lower ranked students are able to get a much higher SS compared to normal schools because they and the people higher up in rank do really well on the exam. So let's say in school A, a person with rank x scores a 60% on the exam, and gets a SS of 32, however in School B (which is an elite school), a person also with rank x scores a 95% on the exam, and the people above him also do as well. This now means that this person and everyone above him in ranking gets a student score of <45. You see my logic? it doesn't exactly matter what rank you are. It's all related to how you and the people above you do in their exams.