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Woods, who has claimed the award every year since its inception in 1998, has been the game's leading player since replacing Fiji's Vijay Singh in June 2005.
He retained his grip despite being sidelined for eight months after having reconstructive knee surgery following his US Open victory in June.
The award is presented to the player who holds the number one position in the world rankings for the greatest number of weeks in each calendar year.
"This award is a direct reflection of the tireless work ethic he has displayed to remain the world's top-ranked player for such an extended period of time," PGA Tour commissioner Tim Finchem said in a statement.
American Woods, winner of 14 major titles, has occupied top spot for 540 weeks since becoming world number one for the first time in June 1997.
The award was established to honour the late Mark McCormack, a pioneer of the sports marketing industry, for his role in creating a world ranking system for professional golf.
