Woods left Royal Melbourne on a high after his 4&3 rout of Aaron Baddeley helped the US team retain the trophy and left many commentators predicting that Tiger would soon be back to his best.
But when asked "What are your views on Tiger's comeback?", Els was quick to point out that Woods' Presidents Cup performance should be judged over the entire week.
"I don't know if he made that strong a comeback, he only won two out of five matches," said Els, speaking ahead of the South African Open. "I think a strong Presidents Cup would be Jim Furyk (who won all five matches).
"I know he (Tiger) won his singles match, but by then things were basically over.
"You know, two out of five, it's better than one out of five," said Els, a reference to his own record at Royal Melbourne where he struggled to find his best golf and grudging praise at best.
But Els, who finished runner-up to Woods in the first three majors of 2000, may have a point when it comes to rating Tiger's current progress.
Woods also produced a scintillating display in his 2010 Ryder Cup singles clash with Francesco Molinari but that proved a false dawn.
Since then the former world number one - currently down at 51st in the latest rankings - has failed to record any sort of individual victory after battling injury and swing changes and it's now over two years since his last win.
Woods' encouraging third place at the Australian Open in Sydney the week prior to the Presidents Cup can also be viewed as a tease.
The 14-time major champion finished just two shots behind winner Greg Chalmers but when poised to grab the tournament by the scruff of the neck after taking the halfway lead he stumbled badly and shot a third round 75.
It cost him the tournament and highlighted what many feel is still the real problem with Tiger - not the swing but his loss of consistency with the putter.
Woods' 75 in Sydney also kept an unwanted streak going. By shooting over par, it meant the 2010 Masters is still the last time he managed to break par in all four rounds of a tournament.
That 19-month stretch incorporates 22 events and, for now at least, justifies why one hugely impressive round at the Presidents Cup hasn't turned the head of Els.