According to provisional results, the vote was passed by 93.7% of the number of scheme creditors who voted and 96.1% by value.
Where an institution is beneficial owner of shares, it only had one vote by number.
As the scheme has surpassed the statutory threshold of 50% by number and 75% by value, Link Fund Solutions has asked the court to arrange a second hearing for 18 January 2024.
Remaining Woodford fund assets shrink 40% since last distribution revealed
Overall, 90.2% of individual scheme creditors who voted by from approved the scheme, while 100% of institutional investors voted in favour.
A spokesperson for Link Fund Solutions said: "With this vote, investors have demonstrated their strong support for the scheme. We actively sought to reach as many scheme creditors as possible to ensure they had their say and are extremely grateful to all investors who made their voices heard.
"This is an important step for the scheme, and the establishment of the settlement fund, which LFSL has always believed is the best option available for investors as it materially enhances the amount of redress available from LFSL and provides the fastest route for redress possible."
Scheme creditors who wish to oppose the vote may make submissions to the sanction hearing.
If approved, the scheme is expected to be effective from 9am on 9 February 2024. The first payment, expected to range between £183.5m and £200m, is expected to be made by 31 March 2024.
None of the remaining assets in the former Woodford Equity Income fund will be used as part of the scheme, and will continue to be distributed as and when sales are completed.