Impey, who has ridden with the team since 2012, became the first African to lead the Tour de France when he wore the yellow jersey for two days in 2013.
Most recently, Impey was part of the Orica-BikeExchange roster that finished third ninth in the UCI Road World Championships team time trial on October 9. He has 14 wins in his career, including the overall victories at the Tour of Turkey in 2009 and at the Tour of Alberta in 2014.
“This team is where my career took off, and I feel really at home with everything here," Impey said in a statement released by the team.
"It's been a fantastic run these last five seasons, and I'm happy to continue to be part of it. To me, there is a unique feeling on this team and that's what makes the difference."
Orica-BikeExchange director Matt White referred to Impey as an important "backbone" of the Australian team.
"He has been part of our biggest victories and is a key rider across all types of terrain," White said. "There aren't a lot of riders in the peloton who are as versatile as him. He can do lead-outs in the sprints, and this year we saw him finish second on a mountain stage in the Tour."
During that Tour stage, Impey finished second with Daniel Navarro (Cofidis), 1:04 behind a solo Steve Cummings (Dimension Data) and nearly a minute ahead fourth-placed Vincenzo Nibali. He went on to support teammate Adam Yates' fourth-place general classification result.
"His personality really gives a lot to the team and our values, and he is a real leader both on and off the bike," White said. "We're really proud to continue with Daryl, and we are confident of seeing him evolve even more into one of our real leaders and also to take chances when presented to win for himself."
Impey said he was looking forward to an expanded role within the team, saying it "feels good" to be n a team that supports him in the hillier races.
"I feel very motivated going into these next years and to help achieve new goals for the team," he said.