Voyce has been an ever-present for Wasps since joining the club in 2003, scoring 55 tries in 123 appearances and making a record 59 consecutive starts.
The 26-year-old won the last of his nine England caps during the summer tour to Australia and was omitted from the elite player squad named in August.
Voyce said: "I won the majority of my international caps while playing at Wasps.
"I still want to play for England and believe that Wasps is the best place I can be if I am going to work on my game and challenge for more international honours.
"There are structures in place to bring out the best in the players and I want to be a part of that. Hopefully, it will also help me force my way back into the England set-up.
Wasps director of rugby Ian McGeechan was thrilled the Powergen Cup holders had retained the services of their most prolific try-scorer.
He said: "I'm delighted that Tom is staying at Wasps for the next two years.
"He's a strong ball carrier and one of the best finishers in the Guinness Premiership. Tom is instrumental in giving Wasps an attacking edge."
England Under-20 fly-half Daniel Cipriani will also remain with Wasps until 2009 after agreeing a two-year contract extension.
The 29-year-old made his Premiership debut in November and has impressed since his transition to the senior squad.