"To me it is the greatest comeback I have ever seen," Jordan told The Athletic.
"I never thought he'd get back physically. He didn't think he'd get back physically. But he did it. No one expected him to be back the way he is now.
"He's probably the only person who believed he could get back. To me, that's a major accomplishment. To me, it's unbelievable."
Woods ended an 11-year major drought with a thrilling and emotional Masters victory on Sunday.
Tiger Woods to receive US’ highest civilian honour
Aged 43, Woods trails only Jack Nicklaus who won at age 46 in 1986. Woods has 15 major championships, second to Nicklaus' 18.
Just two years ago his back pain was so bad Woods thought he might never play again, let alone win another major.
"Mentally, you always think you can. But you can't answer to what your body has to deal with," former NBA superstar Jordan said of Woods.
"I'm pretty sure he questioned himself, whether he could get it back, and he had to put a lot of work in. But he took it head-on. He had to change his game; he had to change his perspective a little bit.
"Dealing with his emotions, obviously he believed in himself. But until you put that into action, sometimes it's a struggle."
Jordan added that Woods' confidence will be soaring and that should translate into more victories.
"I think he's gotten over the hump. I think he's going to win more. It's tough mentally. It's absolutely tough mentally. And then you think about the physical. I'm elated.
"You don't know what Tiger is capable of doing."
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