It is the second new deal the 27-year-old has penned in the space of 12 months after arriving at the club from Cronulla Sharks on an initial one-year deal last November.
His superb performances in the red, white and blue, which eventually resulted in the Australian being second on the Super League try assists list, saw him agree a one-year extension in July.
Wildcats were keen to make his stay in the Merrie City a longer one, however, after Smith played a key role in helping Wakefield into the Super League play-offs.
And the former Wigan Warriors man was pleased to oblige.
“I am really happy and it’s all about security signing for an extra year,” he said.
“We had a successful season and the club is certainly going somewhere and I really am happy here.
“When you are in this game you don’t want to be on one-year deals because you don’t know what is around the corner so I am delighted to get it done and I’m looking forward to the next two seasons playing under Rich [Agar].”
Smith was arguably Wakefield’s key man in their record-breaking seven-game surge into the play-offs and won the Members’ Player of the Season award at the club’s annual presentation night.
He finished second only to Hull KR’s Michael Dobson in the Super League try assists list with 34 to his name and also chipped in with six tries.
“We won seven games in a row at the end of the season but to be honest I really enjoyed the whole year, not just that period,” he continued.
“At the start of the year we wasn’t too far off and it wasn’t like we were getting flogged because it was just small margins we let ourselves down. Once the season progressed and we got to know each other we reaped the rewards for that in reaching the play-offs.
“It is always good to get achievements like I picked up at the end of the season but to get in the top eight was the real achievement and I’m hoping we can go one step better next season. As long as we have a consistently good showing the results will look after themselves, I am eager to get started.”
See this week’s Wakefield Express for all the Wakefield Wildcats news from around the district.