Masters champion Scott and FedExCup and Race to Dubai winner Stenson sit second and third respectively in the rankings.
Both have work to do if they are to overtake Woods, but McDowell, who is preparing for the World Cup of Golf in Melbourne, said the duo was close.
"Both players are incredible players. It is quite a battle for the number two spot in the world. And like you say, both would be deserving of that number one spot," the Northern Irishman said on Wednesday.
"Tiger has had an impressive year himself. It's tough to put your finger on what takes a guy to the next level.
"But speaking from my own experience and knowing the guys a little bit, I think it can very often just be that little bit of balance off-course.
"I know Henrik has kind of had a tough three or four years with some things going on in his personal life and when you achieve that little bit of balance and that little bit of happiness off the golf course it is amazing how your on-course play can really improve.
"From Scotty's point of view he is just one of those guys you play with and you think to yourself 'Why does this guy not win every week?' He's that impressive."
McDowell enjoyed a strong year of his own, finishing fourth in the Race to Dubai after what he described as a 'very inconsistent' 2013.
"I haven't played well in the summer the last couple of years, especially into the FedEx play-offs," he said.
"They are just long years, trying to play both tours is difficult and it is a lot of golf, it is a lot of travelling and just trying to get better and better at that.
"But like I say, it is sort of moderate disappointment but some good stuff to pull on this year and I am looking forward to finishing the year strong and coming out next year stronger."
After finishing runner-up to Scott at the Australian Masters, Matt Kuchar returns to Royal Melbourne Golf Club to contest the World Cup of Golf for the United States.
The American said he wanted to go one better than on Sunday and is looking forward to challenging the in-form Scott.
"He (Scott) has been in such good form. To at least give him a run it was awfully good," Kuchar said.
"I stood five back going into Sunday and gave him a real run. Unfortunately got a bad break on 18 and that's part of golf. I think the great thing about golf is tomorrow I restart.
"Last week is forgotten about and the same goes for Adam. He won and that helps with confidence but you have got to do it all over again. I am looking forward to getting back out."
McDowell backs Scott to trump Woods
