In his sixth season as the club's general manager, Wade made the biggest acquisition of his tenure in December, luring free agent slugger Jim Thome with a six-year contract.
"Ed has done an outstanding job since taking over as general manager in 1998," said team president Dave Montgomery. "We set out to improve our big league club and player development system. We believe we have made significant progress in both areas."
"I'm honored to have the opportunity to do this job," said Wade. "It's been an honor and a privilege."
The Phillies (55-41), who have not been to the postseason since 1993, lead Arizona by two games in the NL Wildcard race.
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