Tsunoda will be handed a fourth season at the Faenza outfit, while the currently injured Ricciardo will get a full season with the team after his mid-season comeback this summer.
AlphaTauri's driver decision had been made more complicated in recent weeks thanks to reserve driver Lawson's impressive performances as Ricciardo's replacement.
While the Australian recovers from a broken hand sustained in Zandvoort and will likely miss the Qatar Grand Prix as well, the 21-year-old Super Formula frontrunner reached Q3 in only his third race in Singapore and backed that up with his first points finish.
However, Red Bull has now decided to stick to Tsunoda and Ricciardo for AlphaTauri's 2024 driver line-up, with New Zealander Lawson to resume his reserve driver duties for both its teams.
“I’m looking forward to continuing to fight and collaborate with the team and Daniel," said Tsunoda.
“I’m grateful for Red Bull and Honda, for continuing to support and believe in me, and very happy and thankful to continue the partnership.”
Ricciardo added: “I’m stoked to be driving with Yuki again next year and continuing the journey with AlphaTauri.
“Following the progress we have already made and the plans for the future, it’s an exciting time for the team. We are building and it is a great feeling.”
Outgoing team principal Franz Tost praised Tsunoda's progress as he matured into an accomplished racer with the Italian squad and added that he is convinced Lawson “will have a future in Formula 1 soon”.
“Next year, the technical regulations remain largely unchanged, and it was therefore logical to go for continuity in our driver line-up too,” Tost explained.
“I am very pleased with the development that Yuki has shown over the last two and a half years with our team and with Daniel’s great race-winning experience we will have one of the most competitive driver pairings on the grid in 2024.
“As for Liam, who has impressed everyone in his races so far, he will definitely help the team in his development role as a third driver, and I’m sure he will have a future in Formula 1 soon.”
On Friday Red Bull team principal Christian Horner felt that having Tsunoda, Ricciardo and Lawson on the books was a “nice headache to have” for AlphaTauri, which is set for a rebrand in 2024.
“We've got a luxury problem where we've got three into two in that team,” he said.
“Obviously it is an AlphaTauri issue, but there are three great drivers and it's a nice headache to have.
“[Lawson] will be a grand prix driver, and he already is a grand prix driver, at some stage.
“Whether he has to wait a little for that or not, I think he's demonstrating that he is a talent for the future.”