Vice-captain Schutt was the first woman signed by the Strikers at the inception of the rebel WBBL competition in 2015.
One of the most damaging T20 bowlers in the world, Schutt is in fierce form, currently competing at the ICC World T20 for an unbeaten Australian side.
The 25-year-old is ranked number one on the ICC T20 bowlers list, moving to the top of the rankings after she became the first Australian woman to take a T20i hattrick earlier this year.
In WBBL|03, Schutt claimed 12 wickets at 28.25 boasting an economy rate of just 5.74.
Schutt also showed her prowess with the bat, finishing the season with the highest strike rate (118) of any Striker to notch more than 50 runs, making several important contributions in the lower-order.
McGrath, 23, has also been part of the Strikers setup since the beginning, quickly becoming an integral part of both the batting and bowling lineup.
McGrath starred in Adelaide’s crucial first win over the Scorchers in Alice Springs last season, recording stunning figures of 3/17, and was best afield in the club’s thrilling one-run victory over the Melbourne Renegades.
A regular wicket-taker and an asset in the field, McGrath was also an important contributor with the bat for the Strikers all season. Her best knock of 44* came in a close loss to the Sixers late in the season.
“Megan and Tahlia are both really important parts of the Strikers, both on and off the field,” assistant coach Luke Williams said.
“Megan is obviously at the top of her game at the moment and Tahlia has had some valuable international experience over the past couple of years and is becoming a really mature cricketer.”
The Strikers competed in the first semi-final last season for the first time, with Williams hoping the side can go even further this year.
“Our goal is absolutely to make the final this year, and winning it would be even better,” Williams said.
“The team is looking relatively similar and I think consistency is really important for success.”
The Adelaide Strikers open their WBBL|04 campaign at CitiPower Centre in Melbourne on 2 December.