The 24-year-old spent much of 2014 on loan at Trinity, and played 14 games for the club during the season.
“Rich was really good for us in the back half of last season,” said Wakefield coach James Webster.
“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.”
Owen added: “I can’t wait. 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.”