Several ground units were also involved in the search for the woman, aged 82, who was missing in the St Lawrence area.
Police initially said the woman was found shortly before 7pm and appeared to be safe and well, but was taken to St Mary's Hospital as a precaution.
However in an update issued at 9.40pm police said the woman had suffered mild hypothermia.
According to a police spokeswoman, the woman had not been seen since yesterday afternoon (Tuesday) when she left her home in Ventnor to take her dog for a walk.
The spokeswoman said police were alerted at 3.30pm yesterday (Wednesday).
The woman was found at about 6.30pm in a bog in Pelham Woods, with her dog by her side. The woman was rescued with assistance from the fire and ambulance services, the spokeswoman said.
Isle of Wight Fire and Rescue Service confirmed they were on the scene until about 8.10pm.
*A St Mary's Hospital spokeswoman said the woman was admitted overnight and was in a comfortable condition this morning (Thursday).