The 28-year-old initially joined Town for a month-long stint, but will now remain at New Meadow until January 25.
"With Nicky it's certainly good news so I'm pleased about that and the fact he will be available to play on Saturday," Shrewsbury boss Graham Turner told the club's website.
"It's been relatively easy for him to come back and go into the side. I thought he put in a good performance on Saturday against Sheffield United and he's a decent, combative, strong midfield player that knows what the game's about. He's been a big asset for us."
Wroe is eligible to play for Shrewsbury in this weekend's FA Cup first-round meeting with Walsall.