Tye took 18 wickets for Gloucestershire in 14 T20 matches in his first spell with the club last season.
The 30-year-old has won three caps for Australia in 20-over cricket, with his last international appearance coming in a defeat by South Africa in March.
He has played for Perth Scorchers in the Big Bash League for the past two seasons, winning the 2014-15 title.
Gloucestershire have re-signed Australia seam bowler Andrew Tye for the 2017 T20 Blast competition.