Only fellow American Byron Nelson, with an astonishing run of 11 victories in 1945, has a superior winning streak on the world's biggest circuit.
Two strokes off the pace at the start of the day, Woods eagled the par-five ninth on his way to a six-under-par 66 and a fifth triumph in 10 starts at Torrey Pines.
The world number one also rattled up five birdies and one bogey to finish on 15-under 273, one ahead of compatriot Charles Howell III (68).
PGA Tour rookie Brandt Snedeker, surprise leader for the first three rounds, birdied the last for a 71 and third place at 12 under.
"Overall, I was very lucky to be on top there," Woods told reporters after winning the Buick Invitational for the third year in a row.
"A lot of guys had a chance up there today but somehow I was able to stick it out at the end. I played pretty aggressive on that back nine, for me, and just happened to come out on top.
ELITE COMPANY
"As far as how special seven (in a row) is, you're in elite company," added Woods, who was making his first appearance on the 2007 PGA Tour this week.
"There's only one person that's ahead of you. He's one of the greatest legends in the history of the game. To be in company like that with Mr. Nelson is pretty special."
Four players held at least a share of the lead on the last day before the tournament was effectively decided over 10 gripping minutes midway through the back nine.
Australian rookie Andrew Buckle, two ahead at 15 under, fell back with a double-bogey at the 12th where he missed the fairway to the right off the tee and overshot the green with his third shot.
Jeff Quinney, tied for the lead with Buckle and Woods at 13 under, ran up a double-bogey six on 14 after finding a bunker with his approach and taking two more strokes to reach the green.
Woods, meanwhile, was sizing up a 65-footer for eagle at the par-five 13th. He very narrowly made the putt, the ball curling around the lip before coming to rest an inch behind the cup.
That took him to 14 under, and into the outright lead for the first time.
Howell almost holed his approach at the par-four 15th, the tap-in for birdie lifting him into a tie for second place with Buckle at 13 under.
SUPERB APPROACH
Woods saved par from greenside bunkers on 14 and 15 before a superb approach to within three feet of the flag at the 17th earned him his fifth birdie and a two-shot cushion.
Although he found the right fairway bunker off the tee at the par-five last for the third day in a row, he had the luxury of being able to lay up short of the green.
His third shot screwed back into an awkward lie just short of the fringe from where he hit a delicate sand wedge to three feet and tapped in for par.
Howell, who reached the 18th green in two, missed a long-range eagle attempt and three-putted to stay two strokes behind in second place.
"It ain't easy beating that guy," Howell said after posting his second runner-up spot this season.
Buckle bogeyed three of the last four holes for a 72 to share fourth place at 11 under with Americans Bubba Watson (67) and Mark Calcavecchia (69).
Three-times champion Phil Mickelson carded a 74 to finish in a tie for 51st at one under, two strokes worse than world number six Vijay Singh (70).