The Hurricanes announced the deals Tuesday, three days before the players could have become unrestricted free agents.
Carolina says Pitkanen agreed to a three-year contract that will pay him $4.5 million per season. Dwyer received a two-year deal and will make $600,000 this season and $650,000 in 2012-13.
The 27-year-old Pitkanen led all Carolina defensemen last season with 30 assists. He made $4.5 million last season and remains the team's highest-paid defenseman.
The 28-year-old Dwyer made $500,000 last season and had career highs of eight goals, 10 assists and 80 games played.