Attacking midfielder Wood, 18, has penned a deal which will see him move straight into Derek Adams’ first-team ranks ahead of the 2021-22 season.
Seventeen-year-old Rowe, who operates in several positions down the right-hand side, has agreed terms on a professional contract which will begin from the 2022-23 campaign after the youngster has completed the second of his two-year academy scholarship with the club next term.
Wood has already made his first-team debut in claret and amber, coming off the bench in November’s Papa John’s Trophy clash with Oldham Athletic and was named as the club's Academy Player of the Year for last season.
The contract developments follow the news that another two of City’s academy graduates Jorge Sikora and Kian Scales have signed new contracts at Valley Parade.
Wood said: “This is a great achievement for me, and is what I have been working towards for a long time. “Now, the hard work continues. I have got to kick on from here and progress in the game.
“I was happy to have made my debut and, hopefully, I can earn some more appearances and kick on next year.”
Rowe added: “I am delighted. It was a tough start to the season for me with injuries, but the hard work has paid off to get me to this point in my career.
“I joined here three years ago, and from there I have been pushed up to play with the under-18s, which has been great.
“I have progressed and am looking forward to the final year of my scholarship, before I turn professional next summer.”