Financial terms were not announced but local media reported the deal was worth $3 million.
"We had a great run last season," Roloson said. "I'm looking forward to trying to do it again in 2011-12."
Roloson, 41, went 10-5-1 in 17 postseason games and posted a 18-12-4 regular season record with Tampa Bay.
"He proved his worth both in the regular season and playoffs last year," Tampa Bay General Manager Steve Yzerman said in a statement.
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Julian Linden)