Owen featured a dozen times for the Wildcats after joining on loan from Castleford Tigers in May.
And the wing/full-back actually crossed for one of his six tries against the Tigers just last month.
The 24-year old has 62 tries in a 125-game Super League career and provides a versatile option in the back line for head coach James Webster who has also added Chris Riley and Craig Hall to his outside backs for 2015.
They will play behind a pack that has been bolstered by the signings of Lopini Paea, Mickael Simon and Matty Ashurst.
And Tim Smith is once again set to pull the strings at half-back having returned to the club on a permanent basis for 2015.
“I can’t wait,” enthused Owen. “It’s a good club to be at.
“I enjoyed my time here last season and think it’s a great opportunity for me to set my position here.
“All the boys are going to want to get stuck in and have a big season.
“Everything’s good and it’s just a matter of injuries. If we can all keep clean of injuries then I think we can go really well this year.”
The Wakefield coach added: “Rich was really good for us in the back half of last season.
“He fitted in well to the group and he’s versatile, which will be good for us as we’re a little thin in that area.
“He’s a proven player at this level and has over 100 Super League games to his name so his experience will be an asset to us.”