Woods has won 15 majors - second only to Jack Nicklaus' 18 - and a joint record 82 times on the PGA Tour.
The 44-year-old will be eligible for the Hall of Fame in December after the age of entry was lowered from 50 to 45.
"Tiger has done more for the game than anyone ever thought possible," said PGA Tour commissioner and World Golf Foundation Board member Jay Monahan.
Woods is currently out of action with a back injury but he has enjoyed a special 12 months.
He won the Masters at Augusta last April for his 15th major, but first since winning the US Open in 2008. His victory at the ZOZO Championship in Japan saw him draw level with Sam Snead on 82 PGA Tour wins, and he was a successful player-captain as USA defeated the International team in the Presidents Cup at Royal Melbourne in December.
"This past year has been such an incredible journey and the support I've received from my family, friends and fans has been overwhelming," said Woods. "This achievement is the ultimate recognition to never give up and keep chasing."
Woods is missing this week's Players' Championship at Sawgrass, but hopes to be fit to defend his Masters title next month.