The sign included Woods' name and the hashtag #MeToo, which has been used on social media to encourage people to come forward with their stories of sexual harassment or assault.
It's unclear what motivated Perkins to call out Woods. A rep for the actress did not respond to a request for comment, nor did a rep for Woods.
The rally took place on Hollywood Boulevard, where people walked in support of victims as part of the #MeToo Survivors March and the Take Back the Workplace March.
Perkins, 56, wore a shirt reading "Take Back the Workplace" at the event.
Actress Amber Tamblyn came forward in September to accuse Woods of attempting to make a move on her and her friend at a restaurant when Tamblyn was only 16.
Tamblyn claimed in a Twitter post about their alleged encounter that when Woods found out she was just 16, he replied "even better."
Woods later asserted in a tweet of his own that Tamblyn's story is a lie.
Comment: Given James Woods' public support (mostly via Twitter) of Donald Trump and traditional, conservative values, Perkins' sign looks a lot like a threat.