Woods has been in the No. 1 position for a record 187 weeks, crushing the previous record of 97 from Greg Norman, who held the position between June 18, 1995 and April 13, 1997.
The award pays tribute to the chairman and CEO of the International Management Group, McMormack, for his contribution to formulating an adept ranking system.
'Tiger's dominance of the Official World Golf Ranking is a tremendous achievement,' said PGA Tour commissioner Tim Finchem to the Associated Press.
'At the same time that we applaud Tiger's success, we also send our thoughts and prayers to the McCormack family for Mark's continued recovery.'
McCormack has been in a coma since January, following a heart attack.