Playing together, Woods and Flesch each carded 6-under-par 66s on the Magnolia course. At 22-under-par, Flesch maintains a two-shot lead over the world's No. 1 player entering the final round.
Woods began the day two shots back of Flesch, but tied him for the top spot by getting up and down from the greenside bunker for a birdie on the par-5 8th.
Showing no signs of wilting under Tiger's relentless pressure, Flesch responded with a birdie of his own at the par-4 9th to take a one-shot advantage into the inward nine.
Both men had birdie opportunities on the par-5 10th. Flesch converted his, while Tiger missed from four feet. Flesch had regained the two-stroke lead he began the day with. He then went three up by dropping a 12-foot birdie at the par-3 12th.
In what was becoming a two-man race, Flesch and Woods matched birdies at the 14th and 16th holes, thus giving the left-hander a three-shot lead at 22-under-par heading to the home hole.
On the par-4 18th, Woods was able to pick up a stroke on his counterpart by curling in an 8-foot birdie, and, in the process, take a little momentum into Sunday's final 18 holes.
'I hung in there today,' Flesch said. 'It was a blast playing with Tiger. It was everything I anticipated, and I look forward to doing it tomorrow.
'It's easy to get sucked into what he's doing. I watched every shot he hit. It's impressive how far and straight a guy can hit it. But I did well on my shots, sticking to my routine and staying focused on what I was doing.'
Woods' 66 marks his 38th straight round at par or better on the PGA Tour, but even more impressive, Woods has gone a remarkable 105 consecutive holes without carding a bogey. Tiger's last negative number was on his third hole in the second round of the Bell Canadian Open.
'It's imperative that I get off to a good start, as well as Steve,' said Woods. 'And we can't forget the guys behind us.'
Due to daylight savings time, threesomes will be employed in the final round at Lake Buena Vista, Fla.. That means Jeff Sluman will play alongside Flesch and Woods on Sunday.
Saturday, Sluman posted a 5-under-par 67 to finish the third round at 17-under-par for the tournament, five shots off the lead. Three players are tied for fourth, six back of Flesch. Bob May, Glen Day and Duffy Waldorf are all at 16-under-par.