The 28-year-old left Bayern Munich in 2019 to join the Gunners and has been an integral player for Jonas Eidevall's side ever since, keeping 49 clean sheets in 113 fixtures for the club.
A two-time Bundesliga winner with Bayern, Zinsberger won her first major honour with Arsenal in the 2022-23 season, starting in their 3-1 League Cup final victory over Chelsea.
The Austria international also took home the 2021-22 Women's Super League Golden Glove with a division-high 13 clean sheets - three more than Mary Earps - as Arsenal finished one point behind champions Chelsea.
"I'm so happy to have signed a new contract with this club," Zinsberger told the official Arsenal website after committing her future to the club.
"I'm so motivated to continue to develop myself as a goalkeeper but also grow as a person - and with the progression that's taken place here on and off the pitch since I joined, I know this is the right place for me to do that.
"When I step out onto the pitch, hearing the crowd cheering us on, it's a feeling I can't describe. The passion our supporters bring lifts us up and together we can go so far."
Head coach Jonas Eidevall added: "Manu is one of the best goalkeepers in the world and has been a consistently high performer in this team throughout my time here.
"She deserves this new contract and I know she shares the ambitions we have here. We want to compete for every title we can and Manu will play a big role in us achieving that."
Finally, Director of Women's Football Clare Wheatley said: "We're delighted to have agreed a new contract with Manu to continue her journey here at Arsenal.
"Manu has been such an important part of this team since joining us in 2019, delivering brilliant performances and showing true passion on the pitch. Congratulations, Manu!"
Zinsberger - whose previous contract extension only came in March 2023 - follows several of her teammates in prolonging her Emirates stay over the past 12 months, a list which also includes Katie McCabe, Lia Walti, Frida Maanum, Kim Little, Caitlin Foord, Steph Catley and Jen Beattie.
Head coach Eidevall also penned a new Emirates deal at the start of October, and the Gunners have taken 22 points from their opening 10 WSL fixtures in 2023-24 to sit third in the table, three points behind leaders Chelsea.
Zinsberger has kept two clean sheets in the current top-flight campaign and played the full 90 minutes in last Sunday's 5-1 FA Cup thrashing of Watford, which saw the Gunners set up a fifth-round tie with Manchester City.
Eidevall's side now turn their attention back to the WSL and will play their first top-flight fixture of 2024 on Saturday, when Everton make the trip to Meadow Park.