Terms of the deals weren't disclosed.
Torres had 14 goals and 29 points last season for Vancouver, which reached the Stanley Cup finals. He has 112 goals and 221 points in six NHL seasons with four teams, playing in the finals with Edmonton in 2005-06.
Smith has spent six seasons with Tampa Bay and Dallas, with a 67-66-19 record and 2.71 goals-against average. He played 22 games for the Lightning last season, going 13-6-1 with one shutout.
Phoenix is still looking for a top-line goalie after trading away the negotiating rights to Ilya Bryzgalov, who recently signed with Philadelphia.