Woods bogeyed the par-4 15th hole to set up a playoff with Choi, and then won the $40,000 prize when his chip shot from the side of the green at the same hole landed 4 feet from the cup.
'I missed one fairway on the last hole,'' Woods said. ``The main thing here is to hit it straight, and I was able to do that except on the last hole.'
Woods and Choi both finished with nine points. David Duval, the defending champion at the Dunlop Phoenix, was second with eight points, while Sergio Garcia and Shingo Katayama were eliminated after the fifth hole.
'I really enjoyed this today, but am looking forward to the tournament,' said Duval, who beat Japan's Taichi Teshima in last year's event.
In the made-for-TV event, each player is awarded one point for par, three points for a birdie, five points for an eagle and 10 points for a double eagle. One point is deducted for a double bogey.
After saving par on the first hole, Woods picked up three points on the second hole with the longest drive. He earned three points on the par-4 No. 5 with his only birdie on the day.
Woods, the Masters and U.S. Open champion, has won 34 times on the PGA Tour, including eight majors. The Dunlop Phoenix will be his first tournament since the Tour Championship in Atlanta earlier this month.