Wu, the Taiwanese president of the International Amateur Boxing Association, beat out International Cycling Union president Pat McQuaid 20-8 in a secret vote.
The IOC will vote on Wu joining the board at meetings in London ahead of the opening of the 2012 Olympic Games.
International Tennis Federation head Francesco Ricci Bitti was acclaimed president of the powerful Summer Olympic sport federations.
As president, Ricci Bitti would normally be put forward as the association's representative but due to the IOC's 70-year-old age restriction, the Italian could only hold the position for one-year, forcing the group to come up with another nominee.
