The Oscar-winning filmmaker and screenwriter, who was behind horror classic The Exorcist and The French Connection, died at his home from heart failure and pneumonia on Monday in Los Angeles.
Lord Of The Rings star Wood hailed Friedkin as a “true cinematic master whose influence will continue to extend forever”.
Alongside a black and white photo of the filmmaker on set, Wood added: “So long, William Friedkin.”
Acclaimed author King, who has written horror classics including The Shining, tweeted: “Very sorry to hear of the passing of William Friedkin, a deeply talented filmmaker.
“The Exorcist is great, but for me the real classic was Sorcerer.”
Oscar-winning filmmaker del Toro, behind films including Pan’s Labyrinth and The Shape Of Water, said “the world has lost one of the gods of cinema”.
He added: “Cinema has lost a true scholar and I have lost a dear, loyal and true friend. William Friedkin has left us. We were blessed to have him.”
Actress Ellen Burstyn, who was nominated for an Oscar for her starring role in The Exorcist, described him as “undoubtedly a genius”.
“My friend Bill Friedkin was an original; smart, cultured, fearless and wildly talented,” she said in a statement to the PA news agency.
“On the set, he knew what he wanted, would go to any length to get it and was able to let it go if he saw something better happening.”
Film director Eli Roth, who is best known for horror films 2002’s Cabin Fever and 2005’s Hostel, described Friedkin as a “legend” and “one of a kind”.
He shared a photo of them together to his Instagram and wrote: “One of the most impactful directors of all time and certainly set the course of my life in a different direction with The Exorcist.
“He was so incredibly nice and supportive the few times I was lucky enough to meet him.”
He also encouraged his followers to watch Friedkin’s 1977 thriller Sorcerer and 1980’s Cruising if they had not seen them yet.
Scott Derrickson, who directed The Exorcism Of Emily Rose and Marvel film Doctor Strange, said it was an “honour” to have numerous chats with Friedkin on Twitter.
He added: “If you ever heard him speak in public about his films (I heard him introduce The Exorcist, Sorcerer and To Live And Die In LA) then you know that Friedkin was perhaps the greatest raconteur director ever.
“His wit and insight were spellbinding to behold.”
Friedkin latest project was an upcoming legal drama, titled The Caine Mutiny Court-Martial, which is scheduled to premiere at the Venice International Film Festival in September.
Actor Kiefer Sutherland, who stars in the film, told PA that working with the director was “one of the great honours of my career”.
Friedkin rose to further prominence with 1971’s action thriller The French Connection as it received a host of awards including five Oscars.
Among the collection was the prize for best picture, best actor for Gene Hackman and best director for Friedkin.
He followed with an even bigger blockbuster, The Exorcist, based on William Peter Blatty’s best-selling novel about a 12-year-old girl possessed by the devil.
It also won the Oscar for best screenplay and garnered Friedkin another nomination for best director.
Bafta, which nominated him for The French Connection, said it was “saddened” to hear of Friedkin’s death.
His other film credits include To Live And Die In LA, Rules Of Engagement and a TV remake of the classic play and Sidney Lumet movie 12 Angry Men.
Friedkin also directed episodes for TV shows such as The Twilight Zone, Rebel Highway and CSI: Crime Scene Investigation.
He is survived by his wife Sherry Lansing and sons Cedric and Jack.
