Sharman has earned the addition of another season to his two-year deal signed at the end of 2021 after proving to be a versatile player for the Saints at both ends of the ground.
Taken in last year's Mid-Season Rookie Draft, Sharman has played 12 games from a possible 30, including 10 goals in a string of four consecutive games in 2021.
Paton has played 51 games since his debut in 2018, with the lockdown defender amassing 16 appearances so far in 2022.
He missed out on the entirety of the 2021 season, having endured a broken leg.
St Kilda list boss James Gallagher said it was pleasing to see the two young guns re-commit.
"We’re really pleased to have Cooper and Ben recommit for the next few seasons," he said in a club statement on Thursday.
Cooper Sharman and Ben Paton have re-signed until the end of 2024 🔏
— St Kilda FC (@stkildafc) July 27, 2022
"We’re continuing to see the development of these two young men and we’re confident they will be important players for us moving forward.
"Ben has bounced back well from serious injury and we’re confident his belief and influence will continue to grow.
"Cooper has also continued his progression in the right direction. For a player who has been in the AFL system for just over a year, he’s shown a great deal of promise that, in time, we hope will impact our side consistently.”