Jones featured in every GB game en-route to bronze in Tokyo, which was sealed thanks to a thrilling win over India.
She scored a brilliant shootout penalty against Spain at the quarter-final stage and was also a key player for GB in France this year.
“Sarah’s journey to becoming an integral part of two GB Olympic teams should be an inspiration to all of us, as it wasn’t until 2018 that she won her first GB cap at the age of 28,” said GB women’s head coach David Ralph.
“Sarah’s dedication and hard work won her that opportunity and allowed her to grasp that opportunity and progress to becoming a hugely influential player for us on and off the pitch.”
Jones, who plays her club hockey for Wimbledon, has 115 Wales caps and has competed at three Commonwealth Games.