The Wild confirmed the signings on its website Wednesday.
Parise had 31 goals and 38 assists in 82 games for the New Jersey Devils last season, where he was the team's captain.
Parise added eight goals and seven assists in 24 playoff games as the Devils advanced to the Stanley Cup final before losing to Los Angeles in six games.
Suter had seven goals and 39 assists in 79 games with the Nashville Predators last season and represented the team at the all-star game in Ottawa.
"This is a great day in the history of the Minnesota Wild," said general manager Chuck Fletcher. "We are extremely excited to add the collective skill, experience and character of Zach Parise and Ryan Suter to an already promising roster.
"We view this as a rare opportunity for us to transform our franchise by adding two marquee players, who are both in the prime of their careers, at the same time."