Woods finished outright third after an impressive 67, but must be lamenting his third-round 75 that left the 14-times major winner six shots off the pace.
Woods closed to within one stroke of the lead after thrilling his massive gallery with an eagle three on the 14th and then nabbing a birdie on No.17.
Chalmers, though, sealed the deal with a brilliant birdie on the 15th after knocking his approach shot to less than a metre.
Despite the hovering presence of Woods, the West Australian left-hander held on to turn the tables on the American superstar, who relegated Chalmers to runner-up when he claimed his last tournament win at the 2009 Australian Masters at Kingston Heath.
The tournament boasted arguably the strongest field in its history and delivered a fabulous conclusion with a raft of big names thrusting themselves into back-nine contention on Sunday.
Defending champion Geoff Ogilvy sprang from nowhere to seize the clubhouse lead at one point after returning a cracking seven-under 65.
After flirting with the two-over cut line on Friday, Ogilvy eventually finished in a five-way tie for fourth place with 2009 winner Adam Scott (68), Australian No.1 Jason Day (74), American Nick Watney (72) and three-times runner-up Nick O'Hern (72).
Like Ogilvy, Scott stormed home, snaring his fourth eagle of the week, this one coming on the 14th, and a birdie on the 17th.
But Day, playing in the final group alongside Senden, faded after sharing the lead with Chalmers heading into the back nine.
The 24-year-old world No.7 took bogey on the par-5 11th and then gambled and lost on unlucky 13.
Day took driver on the short par-4, found the fairway bunker, thinned his approach over the green and was unable to get up and down for par.
That signalled the end of his challenge.
- AAP
