The 23-year-old heads the field on the Gold Coast by one shot to Stacy Lee Bregman, with Minjee Lee two behind.
Woods is 12 under for the tournament thanks to a two-under-par 71 on Saturday. After a mixed start which included three bogeys and a birdie over five holes, she clawed it back with birdies on the eighth and ninth.
Two more bogeys followed after the turn, but a storming run of four birdies over the last five holes got her to the brink of success.
"It took a few holes to get settled in and then when I just kept missing those putts it was hard to really get on that roll, but I was able to recover and I felt great out there, talking with the girls and just kind of having a relaxing day," said Woods.
"It was definitely rough getting started but once I was through half the front and towards the back I really got settled in and I played really well."