Lay the draw knife in a shallow pan and pour white vinegar to cover the rusted metal pieces. The wood will not be damaged if covered in vinegar; vinegar will actually help to disinfect the wood.
Allow the knife to soak in the vinegar bath for one hour. The vinegar will eat away at the rust, revealing a clean metal finish below.
Use rags to rub the rust off the metal. You may need to scrub hard to remove the rust.
Rub the #0000 steel wool pad over the metal to remove any persistent rust spots, using even strokes in one direction to prevent damage and scratches to the metal. A small amount of metal polish applied to the steel wool may increase its efficacy.
Spray the metal with a lubricating spray or oil and gently rub into the metal with a soft cloth. The oil will help to deflect water and prevent future rust damage to your draw knife.