Also selected were former women's world number one Lorena Ochoa, 18-times LPGA Tour winner Meg Mallon and English golf writer and commentator Henry Longhurst who died in 1978.
"These five inductees will bring the total of Hall of Fame members to 155," the organization said in a news release.
Love has recorded 22 PGA Tour victories, including the 1997 PGA Championship, and played in six Ryder Cups and six Presidents Cups.
He also captained two Ryder Cup sides including the victorious team in Minnesota earlier this month.
Woosnam, who topped the world rankings for 50 weeks during the early 1990s, won the 1991 Masters and represented Europe in eight consecutive Ryder Cups from 1983-97.
Ochoa, whose 27 LPGA Tour victories include two major championships, was ranked world number one for 158 successive weeks. She is the first Mexican-born golfer to enter the Hall of Fame.
American Mallon captured four major championships during a career that included appearances in eight Solheim Cup teams. She also served as skipper in 2013.
(Reporting by Frank Pingue; Editing by Tony Jimenez)