The 30-year-old All Black has scored 17 tries in 49 appearances for Tigers since his arrival from Canterbury in November 2008.
“Scott has slotted into the Leicester environment very well and he has made a big impression with the club,” said head coach Richard Cockerill.
“He is an outstanding player at wing or full-back, as his record shows, and we’re delighted that he has decided to extend his contract here.”
Hamilton ended his first season at Tigers in 2009 with a winner’s medal in the Guinness Premiership Final and played in the Heineken Cup Final, as well as picking up the Supporters’ Newcomer of the Season award.
He is the club’s top try-scorer so far this season and has been an ever-present in the Guinness Premiership campaign, starting all 18 games so far.
“I’ve enjoyed my first 18 months or so at the club, we’ve settled in well and now I’m looking to stay for a longer period,” said Hamilton.
“It’s been a great experience to play in the northern hemisphere and, off the field, we're certainly settled in Leicestershire.
“It’s a great club to play for and I was very happy to agree a new contract.”