Wood scored for Leeds from the penalty spot against Preston away from home at Deepdale in the Championship game between the two sides.
The New Zealand international striker scored from the spot in the 78th minute, although the home team equalised through Jordan Hugill in the second minute of injury time.
Former Leeds striker Whelan has said that Wood was right to take the penalty instead of allowing Mirco Antenucci to do so.
The Englishman also believes that ending the season on a positive note is good for the 24-year-old former West Bromwich Albion and Leicester City man.
“It was a great penalty and it showed a good sense of character,” Whelan told BBC Sport (14:54). “He was the designated penalty taker because he was starting the game and as much as Mirco Antenucci wanted to take it, he might not be here next season - Wood is.
“He is our first choice and he should be taking penalties. He needs that strength of character and he needs these goals. Signing off with a goal will put him in good stead for the start of next season.”
Wood ended the 2015-16 Championship campaign with 13 goals to his name. It has not exactly been a great season for the striker, who joined Leeds in the summer of 2015.
The former Hamilton Wanderers man has injury problems and went through a barren spell, but he will be pleased with his recent performances.