Wood became the latest recruit for the rebuilding Glory under David Zdrilic on Friday, a day after the January transfer window opened.
He joins former Western United winger Lachlan Wales and, subject to international clearance, experienced Japanese defensive duo Yuto Misao and Takuya Okamoto.
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Wood, who signed a one-year extension in October, has played in nine matches after struggling to break into a stacked Sky Blues side led by sharpshooters Joe Lolley and Patryk Klimala.
The 22-year-old has just one goal so far, his first since being sidelined for 12 weeks before last season's finals with a stress fracture in his ankle.
Wood hopes to hit the ground running at the Glory in a bid to make up for lost game time, having already worked under former Sydney assistant Zdrilic.
"I know he understands my style of play and what I can bring to the team," Wood said in a club statement.
"It's a chance for me to get consistent minutes on the pitch, showcase what I can do, and contribute to the team.
"I'm looking forward to performing well and making the most of this experience."
Sydney coach Ufuk Talay supported the move, believing the loan spell would be crucial to the young striker's development.
"This loan will provide Patrick with the chance to test himself in a different environment," Talay said.
"He's worked hard this season and has shown a lot of promise.
"We wish him the best and will be following his progress closely."
Jaushua Sotirio returns to the A-League as a free agent after terminating his contract with Indian Super League side Kerala Blasters and will replace Wood at the Sky Blues.
The 29-year-old forward had worked under Talay at Wellington Phoenix from 2019 to 2022 before a one-season stint at Newcastle.
Misao joins Perth after playing 18 games for J1 League side Kyoto Sanga, while compatriot Okamoto leaves top-flight club Shonan Bellmare.
Midfielder Jarrod Carluccio is the latest player to leave the Glory, following the departures of former captain Mustafa Amini, Cristian Caicedo, Luis Canga, Luke Bodnar and Jacob Muir.
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