Gow joined the Grecians on a short-term deal from East Bengal in March and produced a return of three goals in seven appearances.
The 29-year-old's contribution was unable to save City from relegation to npower League Two, but he is set for a key role when Paul Tisdale's side begin their quest for an instant return in August.
"I am happy to have everything sorted and done and now I can look forward to next season," Gow told Exeter's official website.
"I'm delighted as I've had a good time since I've been down here. The style of the team and the way the manager wanted to play suited me and he showed a lot of faith in me.
"Some managers in the past haven't always played a way that suits me. He let me play and enjoy my football and I think it's shown because I've done well."