Wilson joined Rotherham during the summer after making 123 appearances in three years with the Shrimps but last appeared for Steve Evans' side in September's 6-2 defeat at Port Vale before being released from his contract in November
"People will know Laurence from his time at Morecambe and Chester," said Stanley boss Leam Richardson.
"In the last couple of seasons he's been one of the best left-sided players in the division and I don't think anybody would argue with that.
"He's come from Rotherham and his time there was cut short mutually but he's a player who we targeted in the summer so to get him in now and get him permanently is fantastic.
"I think he'll add a lot of quality, hopefully a few goals and he also brings that little bit of experience that we need as well."
Wilson is in line to make his Reds debut against Dagenham on Saturday and the 26-year-old insisted it did not take him long to make up his mind once he learned of Accrington's interest.
"Things didn't really go my way at Rotherham but I'm really happy to have got something sorted and hopefully I can now come here, play a few games and help out when I can," he said.
"It was a very easy decision to come here. I spoke to the manager and came in and trained with the lads and I think I agreed the deal the same day.
"I'd like to win as many games as I can between now and the end of the season and play in as many games as possible."