The 27-year-old midfielder's new terms are due to keep him at Loftus Road until summer 2015.
Faurlin, who joined QPR in 2009, missed the second half of the team's promotion-winning campaign through injury.
"It's nice to sign the new deal," the Argentine told the club's official website. "It took a little bit of time, but I am so happy everything is now sorted.
"It's been quite an amazing journey so far - relegation, promotions and plenty more - but it's been a beautiful experience. I hope the next chapter is the most epic yet."
Faurlin has scored five goals in 130 appearances during his time with QPR.