The pair are three months into their second season of regular first-team football together and while manager Paul Tisdale had named plenty of combinations down the opposite flank, left-back Woodman and left-midfielder Davies have consistently started for the Grecians.
And the former Yeovil man is delighted with how their partnership is developing.
"We've got a good understanding, we work on that a lot in training," he told Press Association Sport.
"We both speak a lot on the pitch and we've got a good combination going on. We know each other well and hopefully we can keep working on it and keep improving."
Davies' early season form has been one of many positives for Tisdale during his side's impressive start to the campaign and after a string of solid displays he opened his account for the season in the derby with Plymouth.
And the 29-year-old says he is thriving on regular football in Devon.
"I've been enjoying my football, I've been playing well and making chances and getting in there," he said. "Hopefully I'll keep adding goals to it but I am enjoying it, feeling fit and feeling part of the team.
"I think everyone is enjoying their football at the moment and it is just a case of keeping it going."