Golf and rugby sevens were added to the Olympics, from Rio de Janeiro in 2016, after a vote of members at the International Olympic Committee (IOC) session in Copenhagen.
Woods and many of the golfers taking part in the Presidents Cup team competition this week will be among the medal contenders when the sport returns to the Games for the first time since 1904.
"I think it's great for golf," 14-times major champion Woods told reporters. "It's a perfect fit for the Olympics, and I think we are all looking forward to golf getting into the Olympics.
"Having talked to other athletes who have gotten a chance to experience the Olympics, they have absolutely loved it and had the greatest time."
An Olympic gold medal might well be the crowning achievement for world number one Woods, who will be 40 in 2016 when 18-year-old Japanese sensation Ryo Ishikawa will just be hitting his prime.
Young talents such as Ishikawa, fellow teenager Danny Lee of New Zealand and 20-year-old Briton Rory McIlroy could be the new generation at the top of the golf rankings.
"As a golfer, I am honoured," said Ishikawa, the youngest golfer to compete at a Presidents Cup. "By having golf be a part of the Olympics, golfers will be more interested in the Olympics and then the sport of golf will get noticed more as well. I am looking forward to playing golf in the Olympics."
However the news that golf was returning to the Olympics was bitter-sweet, coming too late for some golfers -- like Stewart Cink, to realise their golden dreams.