World Rugby decided not to hold any Player of the Year Awards this year, instead holding a virtual Decade of the Year Awards voted for by fans and an international panel.
Former All Black captain McCaw was named fifteen's player of the decade while Woodman was named women's sevens player of the decade.
Woodman won three awards including sevens' try of the decade and was also named in the fifteen's team of the decade.
McCaw headed off a cast of stars including fellow New Zealanders Dan Carter, Brodie Retallick, Kieran Read and Beauden Barrett for his honour.
The women's sevens finalists included Woodman's Black Ferns Sevens team-mates Kayla McAlister, Michaela Blyde and Ruby Tui.
Also a finalist for Women's fifteens Player of the Decade, the Black Ferns wing's try against England during the Rugby World Cup in 2017 was named by an international panel as the International Rugby Players Women's fifteens Try of the Decade.
Both Woodman and McCaw were also named in their respective women's and men's teams of the decade as selected by the World Rugby Awards panel.
Woodman was joined by five other Black Ferns in the women's team of the decade including halfback Kendra Cocksedge, second five Kelly Brazier, loose forward Linda Itunu, lock Eloise Blackwell and hooker Fiao'o Faamausili.
McCaw was one of seven All Blacks named in the men's team of the decade alongside fullback Ben Smith, second-five Ma'a Nonu, first-five Dan Carter, locks Samuel Whitelock and Brodie Retallick and prop Owen Franks.