Warlight wiki:

The winner will be determined by adding up how many armies each player controls on the map, then adding in each player's income times two.

Apparently draw is possible, did it happen already?

Edited 1/2/2014 00:07:17

Don`t draws only happen when the season is over but your game is still going on, but because the season is over they just end your game?

I believe the average time to take the turns is used in that case (faster = winner).