At 18-under, Woods is three shots clear of Australian Rodney Pampling, who played alongside Tiger in the third round, and Michael Campbell, who was paired with the leader over the first two days.
Campbell broke the Alpine Golf and Sports Club course record on Saturday by firing a 9-under-par 63. Ironically, the Kiwi's day began with a bogey on the first hole, but was followed by 10 birdies, including seven birdies in an eight-hole stretch beginning at the 7th.
Despite his record-setting round, Campbell was only able to pick up two shots on the world's No. 1 player. Woods, who started slowly, birdied the 5th, eagled the 7th, and then birdied the 13th, 14th, 15th and 17th holes.
'The whole idea today was to shoot something in the mid-60s, as I knew the course would be a lot more receptive,' Woods said.
'I'm happy with the way I'm playing. I'm really driving the ball well and that's what you have got to do on this golf course. Anytime you play with Bermuda rough, you have to be on the fairways. When you're in the rough, you don't know how the ball will come out.'
Sunday, Tiger will play in the final threesome with Campbell and Pampling, who shot 67 in the third round. Both men know they're within striking distance of the lead, yet they're also well of aware of whom they're chasing.
'I got myself into position to win the tournament, but a lot depends on Tiger,' said Campbell, who is the defending champion of this event. 'The situation right now is kind of fun and I will enjoy it. A 63 today was great.
'Sergio and I were sitting in the locker room today and saying we needed to break the course record to have any chance of winning the tournament. I think I might have to break it again tomorrow.'
Said Pampling: 'To keep in contention you pretty much have to go blow for blow with (Tiger). If he gets too far ahead it's impossible. Three behind is not out of it by any stretch of the imagination. I just need to get off to a good front nine, which I haven't been doing for the first three days. If I can shoot maybe 4-under on the front side, then I'll have a chance.'
The notable names in the field weren't able to keep up with Woods in the third round. Paul Lawrie carded a 67, but still lost two shots to Tiger. The 1999 British Open champion is five shots off the lead at 13-under. Jesper Parnevik is eight back following his 3-under-par 69 on Saturday. Meanwhile, Garcia followed his second-round 64 with a third-round 75. The Spaniard now stands in a tie for 25th place at 3-under-par.