The 27-year-old goalie was 23-14-3 with a 2.37 goals-against average, .914 save percentage and four shutouts in 40 regular-season games with the Hurricanes and was 5-5 with a 2.73 GAA, .894 save percentage and two shutouts in 11 Stanley Cup Playoff games.
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"Petr took a chance on himself with the deal he agreed to here last summer, and we were all rewarded with the tremendous season he put together," Carolina general manager Don Waddell said. "This solidifies our options at the goaltending position moving forward."
Selected by the Detroit Red Wings in the fifth round (No. 141) of the 2010 NHL Draft, Mrazek is 101-78-26 with a 2.61 GAA, .911 save percentage and 18 shutouts in 223 regular-season games (200 starts) with the Hurricanes, Philadelphia Flyers and Red Wings.
He is 9-11 with a 2.37 GAA, .910 save percentage and five shutouts in 22 playoff games (21 starts).