Mediate, who was beaten by Woods in a memorable play-off at the 2008 US Open, was speaking ahead of this week's Frys.com Open in California at which Woods will be the star attraction.
Mediate returns to CordeValle Golf Club as the defending champion, but it is the former world number one who has stolen all the headlines in the build-up as he prepares to play the event for the first time.
The 35-year-old has opted to take part in a bid to get some competitive action under his belt ahead of November's Presidents Cup following an injury-plagued season.
Woods is without a victory since his win at the Australian Masters in 2009 - just prior to the revelations about his private life - but Mediate is confident he will put that statistic right once he is comfortable with his remodelled swing.
"It's the physical motion that's causing the problem, period," Mediate stated. "If he gets his golf swing back, the ball game is over. Trust me.
"He knows that once he figures out where his ball is going, it's over. He's already proved it 71 times, in 14 majors. I think he can be better than he was before.
"I'm really happy he's playing here because it's huge for this event and huge for the Fall Series.
"I like when he's in the field and he's playing his best because it gives you an opportunity to beat the best guy."
Kevin Na, who won his first PGA Tour title at last week's Justin Timberlake Shriners Hospitals for Children Open in Las Vegas, was also delighted to have Woods in a field that also includes further major winners in the shape of Ernie Els, Angel Cabrera and Louis Oosthuizen.
"I am still a Tiger fan," declared Na. "I watched him play when I was a kid.
"The biggest question people ask me is: 'Do you think he'll win again?' I say: 'Definitely.' He's definitely going to win again.
"But I also tell them that people don't realise how much other players have stepped up to his level. There are more guys now who are breaking through."