Six strokes behind South Korean Wi going into the final round at Pebble Beach Golf Links, Mickelson fired a flawless eight-under-par 64 to clinch his 40th victory on the PGA Tour.
The American left-hander took control of the tournament with a stunning outward nine of five-under 31 and holed two monster par putts after the turn on the way to a 17-under total of 269.
While Mickelson won the pro-am celebrity event for a fourth time, former world number one Woods had to settle for joint 15th place after closing with a five-bogey 75 in his bid for a first PGA Tour win in more than two years.