It's much simpler to have a candidate include notable achievements on their CV including competitions and after-school programs. However, even here you'll find factors that don't correlate to future performance e.g. those with the means and desire to min-max a CV for college admittance ( A very important life skill ) may not be the best leaders, academics, or students.
While both of the above skills will be correlated to future performance there are almost certainly diminishing returns from selecting the top .1% according to a single dimension.
Curiously the list of fields medalists does not appear to contain a mathlete at present. Providing at least one datapoint that performance in math competitions may not be correlated to future (Academic) mathematics achievement.
That's in line with my experience, too. Selecting olympiads is a preference for highly competitive people. In math, at least, collaboration is much more important.