Shipachyov, 30, is the second player signed by the Golden Knights, who begin play in the NHL next season. Vegas signed 21-year-old forward Reid Duke on March 6.
Playing for SKA St. Petersburg in 2016-17, Shipachyov was third in the Kontinental Hockey League with 76 points (26 goals, 50 assists) in 50 games.
"Vadim is a highly skilled playmaker who has had an impressive career in the Kontinental Hockey League," Vegas general manager George McPhee said. "He has won two KHL championships, has been among the league leaders in scoring the last two seasons and has enjoyed success at the international level for Team Russia. We believe he can be an impact player in the NHL."
The Vegas selections in the NHL Expansion Draft will be announced during the 2017 NHL Awards at T-Mobile Arena, home of the Golden Knights, on June 21 (7:30 p.m. ET; NBCSN, SN).
