Woodward finished with 20 votes to beat North Ballarat's Liam Anthony (17) and Footscray's Tom Campbell (15), who missed the final five matches after being called up to play seniors with the Western Bulldogs.
Woodward won the medal with a three-vote performance in the final round against the Northern Blues.
Reality check, but no retirement for Hodge
The 21-year-old played his first two senior games for Hawthorn this season after missing the entire 2012 and 2013 campaigns with successive knee reconstructions.
He is in the mix for selection for Friday night's qualifying final against Geelong, along with 2013 Liston Trophy winner Mitch Hallahan.
In another award, Peter McEvoy - brother of Hawthorn's Ben - was a joint winner of the A.Todd Medal with Port Melbourne's Josh Muling for the best and fairest of the development league.
Meanwhile, Sturt midfielder Zane Kirkwood finished nine votes clear to claim the SANFL Magarey Medal after a blistering start to the year.
Kirkwood polled 21 votes by round 11, before earning his 29th and final vote in round 15, three rounds before the end of the season.
South Adelaide's 2012 Magarey winner Joel Cross was runner-up with 20 votes.
Kirkwood, 23, averaged 25 disposals a game in the 2014 minor rounds after crossing from Alberton late last year.
