The new deal has an annual average cap hit of $858,333 and is a two-way contract in the first year. The remaining two years are one-way.
Petersen, 24, posted a 5-4-1 record last season over 11 games with the Kings while earning a 2.60 goals-against average, .924 save percentage and one shutout.
With the AHL’s Ontario Reign, he posted a 13-19-3 record, 4.02 goals-against average and a .896 save percentage.
Los Angeles signed Petersen out of Notre Dame (NCAA) in July 2017 as a free agent.