Woods, who turned professional in 1997, won the award for the 10th time.
After admitting marital infidelity following a late-night traffic accident outside his home, Woods announced this month he would leave the tour for an unspecified amount of time.
He came back from knee surgery during the 2009 season to win six titles, the most on tour. None of them were major championships. Woods had 14 Top 10 finishes in 17 starts and won his second FedEx Cup.
Tour Commissioner Tim Finchem also announced Friday Marc Leishman had won the Rookie of the Year Award.
Leishman had three Top 10 finishes, including a tie for second at the BMW Championship.