Woodward, who played 13 regular season games for Box Hill, polled 20 votes to pip North Melbourne and North Ballarat ballwinner Liam Anthony (17).
Woodward polled in nine matches and was named best on ground four times, averaging 23 disposals and six tackles during the regular season.
His form warranted his AFL debut in Round 18.
The trophy is a just reward for the 21-year-old, whose career has been plagued by injuries including two knee reconstructions.
Woodward finds himself in strong company, with teammate and Hawks premiership captain Sam Mitchell a former winner, also with Box Hill, in 2002.