Cowley has spent seven seasons already at Coventry plus one at Cardiff and last season scored over twenty goals and was Paul Thompson's Player Of The Year as well as the fans' choice.
Cowley is a Team GB international with 41 caps.
"I'm very, very pleased to have Russ back with us," said Thompson to the Blaze website. "When you look at the outstanding season he had last year - both for the Blaze and for Great Britain - it was no surprise that several other big clubs were seriously after his signature.
"Russ has become a very good player in the last couple of seasons. He's one of the very best penalty killers in the league and he brings energy and enthusiasm every time he goes on the ice. Last season, whichever line I put him on, he made the line better and you can't ask for more than that.
"Three year contracts are quite unusual in ice hockey but it's a great indication of not only how much I value him as part of this club, but also a measure of how committed he is to this organisation. It's only natural that there must have been some degree of temptation for Russ with some pretty big offers being thrown at him, but this club is a very good fit for him and I'm delighted he decided to commit his immediate future to the Blaze."
"There was some serious interest from other clubs," added Cowley. "But my first choice was always to re-sign for the Blaze. I love it here and I've had a lot of success since I came here. I want more of that. It was really just a case of Thommo and I working out the right deal for both of us - especially as we were committing to each other for three years. I'm very happy we got things sorted quickly.
"It's nice to have a rest after a long season with Blaze and GB, but already I'm excited about next season and am looking forward to getting going again !"