The 72-year-old singer and the blonde beauty reaffirmed their commitment to each other during an intimate ceremony in the grounds of their 18th-century home in Essex, South-East England, where around 100 family and friends watched the service.
Discussing her decade-long marriage to Sir Rod, Penny said: ''Being able to reflect on those ten years, and say those words to one another and still know we mean them is important. This felt more special.
''You get married with the hope that you'll be together; when we renewed our vows, we said them not with just hope, but with a reassurance. Along with hope, there is also faith, love and bringing all the family together.''
Meanwhile, Sir Rod - who has two sons, Alastair, 11, and Aiden, six, with his wife - admitted he loves the English model ''more than ever''.
He told HELLO! Online: ''Penny is my whole world.
''Love means many things to many people but to me it's wanting to share everything with the one you love and I love Penny now more than ever, if that is at all possible.''
Sir Rod and Penny exchanged the same vows they did a decade ago, with the stunning model being walked down the aisle by her cavapoo dog Bubbles.
The couple - who have been together for the past 17 years - both dressed in white for the romantic occasion and celebrated the renewal of their vows by dancing until the early hours of the morning.
Sir Rod was married twice before trying the knot with Penny, first to American actress Alana Hamilton from 1979 until 1984 and more recently, to model Rachel Hunter from 1990 until 2006.
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