The 38-year-old will not be able to add to his total of 14 Majors in this week's Masters tournament as he has been ruled out following back surgery.
"If you want a yes or a no, it's a no," Faldo told BBC Radio 5 live. "If he can get to 15 it will be his greatest golfing achievement, after going through all that. Time is flying.
"It's six years since his last Major, eight years since his last dominance and the last three years he has had some serious injuries to deal with. Mentally, it's hard. He's been a pro golfer for 20 years, that's a lot."
Woods has not won a Major title since his 2008 victory at the US Open.