Australia's Nick Flanagan has been named the Nationwide Tour's player of the year, becoming the first non-American in the 18-year history of the satellite tour to win the award.

Flanagan won three times in 17 Nationwide starts to earn an automatic promotion to the PGA Tour.

Despite playing the last several months of the season on the PGA Tour, the 23-year-old still finished third on the Nationwide money list with $US369,951 ($A419,184).

He was chosen by his peers over a field that included Richard Johnson and Roland Thatcher, both two-time winners in 2007.

Tiger Woods and Jay Haas were also named players of the year on their respective tours by their fellow competitors.

Woods, 31, earned the PGA Tour honour for the third consecutive season and ninth time in the last 11 years after winning seven times in 2007, including the PGA Championship for his 13th major championship title.

Woods also collected the Arnold Palmer Award for the eighth time as leading money winner, earning $US10,867,052 ($A12.31 million), and took home his eighth Byron Nelson Trophy for leading the tour in scoring average at 67.79.

Haas took honours on the Champions Tour for the second consecutive season following a four-win campaign that saw him finish with 18 top-10s in 27 starts. He led the senior circuit with $US2.5 million ($A2.83 million) in earnings.

Brandt Snedeker, who won the Wyndham Championship, was selected as PGA Tour Rookie of the Year after a season that included six top-10 finishes and $US2.8 million ($A3.17 million) in earnings.

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