The team did not disclose financial terms.
Pelech, who turns 27 this month, had four goals and 10 assists in 56 games last season. He added a goal and four assists in 19 playoff games in helping New York advance to the final four for the second consecutive year.
He finished second on the Islanders in total ice time during the 2021 playoffs. He also ranks second on the team in that category during the Islanders' past three consecutive playoff years, encompassing nine rounds and 49 games.
The Islanders selected Pelech in the third round of the 2012 NHL draft. He has 16 goals and 59 assists in 303 career NHL games along with two goals and 10 assists in 48 career playoff games.