Woods defeated Spieth in the championship round by a score of 1,800-900 on Monday.
The 43-year-old defeated a star-studded field featuring Spieth, Bryson DeChambeau, Jon Rahm, Henrik Stenson and Gary Woodland.
The players took their best shots at a bulls eye 130 yards away, hitting shots over reflections pool at Baha Mar.
The first round of the event featured three head-to-head match-ups — Rahm vs Stenson, Woodland vs Spieth and DeChambeau vs Woods — with each player taking six shots at the target.
Stenson advanced by a score of 1,200-1100, while Spieth won his match-up by a playoff score of 200-100, Woods earned a 900-700 victory.
In the second round, Stenson, Spieth and Woods each took another six shots with the highest two second-round scores advancing to the championship. Spieth and Woods moved on, posting scores of 900 each while Stenson was eliminated after posting a score of 800.
In the championship round, Spieth took on Woods with each taking final six shots at the target.
Woods won in walk-off fashion as the two were tied going into the final shot. Woods called game, hitting bulls eye and earned 1,000 points in the process.
The World Challenge begins here from Wednesday.