In 2000, Webb won two more major championships, following up her win at the Nabisco Championship with a win at the U.S. Women's Open. This gained her a second consecutive Rolex Player of the Year title and Vare Trophy and she topped the money list, missing out on a chance to become the LPGA's first single-season $2 million winner by taking a mid season break to return home to Australia to run with the Olympic torch. Teamed with Rachel Hetherington representing Australia she won the Women's World Cup in Malaysia, was awarded the preeminent sport award in Australia, the Dawn Fraser Award. and was named Female Player of the Year by the Golf Writers Association of America.
Webb qualified for entry to the World Golf Hall of Fame in 2000, but was not eligible for induction until she had played ten LPGA Tour events in each of ten seasons. She met this criterion on 9 June 2005 when she completed the first round of the LPGA Championship. At age 30, she became the youngest living person ever to enter the Hall of Fame, and kept that distinction until 2007, when fellow LPGA star Se Ri Pak was inducted.