The rules and regulations for a film to be eligible for the Academy Awards are listed here .
Notably: the film has to be released at a Los Angeles County movie theater.
This means that you can essentially show the film at one theater, once and have it be eligible for an Academy Awards.
Netflix has had films eligible for the Academy Awards, the one that comes to mind is Beast of No Nation with Idris Elba.
But this applies beyond Netflix. Last year, OJ: Made in America, a 6 hour miniseries on ESPN, became awards eligible by showing at a movie theater.