The centre-back committed to a new deal after watching his club sign 13 new players and start life back in League One without conceding a goal in five matches under manager Darren Moore.
"Everyone knows the club's ambition this year, it's to get promoted," said Iorfa, who joined from Wolverhampton Wanderers in January 2019. "So for me, seeing how things have developed at the club over the last month, all the work the gaffer and the staff have done behind the scenes, it's a good place to be at. Things are feeling really positive, the club as a whole is moving in the right direction. It's something I'm happy to be a part of."
With Iorfa an ever-present, the Owls have won their last three games after starting with consecutive 0-0 draws, and the return of fans has only added to the optimism at Hillsborough.
"In our first two (home) games we got (nearly) 25,000 and (over) 21,000 in midweek," said the 26-year-old. "The support's been brilliant.
"We're basically a new team with a lot of new faces, the gaffer came in a few months ago and fans are now allowed back inside the place so there's a real optimism, things are looking bright.
"It's a good place to be at. We've started the season well and long may it continue."