The partnership, which was first launched at the first home game of the 2013/2014 season, will once again include the front of shirt sponsorship of the Wanderers women's side, who play in the Westfield W-League.
As part of the agreement, several Western Sydney University students will continue to form part of the Wanderers volunteer programme, the Wandercrew, who support the match day experience at the side's Wanderland home ground.
The club have worked with the university on the 'Read with a Wanderer' literacy programme, which was launched in August 2014 to bring together schools, teachers and young people to improve literacy levels across the Western Sydney region.
Similarly, the jointly launched 'Future for All' programme has given young students the opportunity to plan out potential careers.
Western Sydney Wanderers chief executive John Tsatsimas said: "We have always been committed to engaging the community of Western Sydney and since the establishment of our partnership with Western Sydney University we have been able to do this on a greater scale.
"The extension of the partnership is a win for Western Sydney and will give both organisations the opportunity to benefit a greater reach of people."