The moment came on the par-three fourth hole and propelled the Woods duo into the lead at the family-centred tournament.
Team Woods had opened the final round with back-to-back birdies, followed by a par on the par-five third hole before the stunning hole-in-one.
"It was a perfect seven-iron," Charlie Woods told the Golf Channel. "It was awesome. I didn't think it went in until I go up there and see it."
Tiger and his son Charlie are chasing their first title at the event, which features 20 champions competing alongside a member of their family. The pair have competed for the last four years and were runners-up in 2021.
The 48-year-old Tiger Woods, who underwent microdecompression surgery for nerve impingement on his lower back in September, is playing in his first competitive event since the Open in July.