"To earn the respect of your peers is the highest honor you can receive," PGA Commissioner Tim Finchem said in announcing the award Tuesday.
Woods, 31, won seven tournaments in 2007, including his 13th major title. He claimed the Arnold Palmer Award as the leading money winner with $10,867,052 and won the Bryon Nelson Trophy -- given for best scoring average -- for an eighth time with a PGA Tour record-tying 67.79 stroke scoring average.
Steve Stricker pulled an interesting double -- winning the PGA's Comeback Player of the Year Award for the second consecutive time. He had gone six years before winning at the Barclays this year and was ranked as high as fourth in the world.
The PGA also announced that Brandt Snedeker, who won the Wyndham Championship and finished 20th on the FedEx Cup points list, was voted the Rookie of the Year.
Swim Week Miami Beach 2014 [PHOTOS]