Woods won five of the 16 tournaments he played this season and finished in the top 10 in three others.
His wins included the Arnold Palmer Invitational, Farmers Insurance Open, Players Championship, Cadillac Championship and Bridgestone Invitational.
Speaking on a conference call after being named Player of the Year, Woods said he was thrilled with the honor.
"Fantastic year all around, also incredible feeling to be voted on by your peers ... very humbling."
He also noted that his most significant win of the season was at the Players Championship.
"To win against that quality of a field is a great feeling."
This is the 11th time Woods has won the award but the first since 2009 when he won six times in 17 starts.
As Justin Ray pointed out, 11 is by far the most PGA Tour Player of the Year Awards won by a single golfer. Second most is two by both Fred Couples and Nick Price. The award has been given out since 1990.
Here are the past five winners of the award:
2013: Tiger Woods
2012: Rory McIlroy
2011: Luke Donald
2010: Jim Furyk
2009: Tiger Woods
Woods said he was "very satisfied" with his season after the Tour Championship.
"I had a number of chances to win some tournaments. I won five, which is, I think, a pretty good year. I've done that a few times over the course of my career. I wish I would have been a little more consistent in some of the events, but overall, at the end of the day, to add to the win total for the year, it's always a good thing."
It was a good thing, and an impressive thing, even if some like to discard Woods' season because there was a zero in the majors column.
In the end it didn't matter -- he was the best golfer in the world all season.
And, for the 11th time, considered by his peers the best golfer on the PGA Tour.