The 55-year-old Colombian manager's contract had expired when the Lions season ended with an MLS playoff quarter-final loss to eventual champion Columbus.
Pareja had guided Orlando City to a team record 63 points and a runner-up finish in the overall league table with 18 wins and nine drawn from 34 matches.
"Oscar has been integral to what we are building and his leadership and dedication to winning championships has set an example for everyone at our club," Orlando City chairman Mark Wilf said in a statement.
"The positive relationships and respect Oscar creates with his players have built a critical foundation for success. We are excited to have Oscar continue to lead us into the future."
Pareja brought the Lions their first hardware by guiding them to last year's US Open Cup title. He also coached FC Dallas to the 2016 US Open Cup.
Orlando City has made four playoff appearances in a row since Pareja's arrival before the 2020 season after previous coaching stints in Colorado and Dallas plus Mexican side Club Tijuana.
"We know there are things left we want to achieve here in Orlando and I feel like we can accomplish those objectives," Pareja said in a statement. "I'm excited to stay here in Orlando and for what's to come."
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