Smith took over as manager in autumn 2018 having previously been assistant manager, and had the Owls in third place in the NPL S/East Division when the season was brought to an end.
He said: “It's a privilege to be asked to manage the club for the next two seasons. I feel the foundations are in place for the club to move forward and I'm excited to be able to play my part in making it happen.
“I’m committed to creating a team that the supporters can be proud of both on and off the pitch and to that point I'm delighted to confirm that my coaching and medical team will be with me as we kick off next season.
“Planning has already started as we aim to build on the success of this season and continue to move forward. Thank you to the board for trusting me with this opportunity.”
The news follows on from the announcement that sponsor Paul Hickling would be joining the club’s board.
Chairman Jason Ledden added: “The club are delighted to extend the stay of Dave Smith and his back room staff until 2022.
“After the tremendous job they have done over the last 18 months we made it clear we wanted them to continue that and also give the club continuity and stability.
“Dave will now be identifying his squad for next season whenever that might be and by putting our full confidence in Dave and his staff hopefully that will show the Owls fans our intent for another strong season in the NPL.”
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