Having first joined the club in May 2012, Ward has accumulated 335 appearances in all competitions, the ninth-most of any Palace player in history. He has previously worn the armband on 24 occasions, including 14 times last season.
Ward will now assume the role of Club captain on a permanent basis after being chosen by manager Roy Hodgson to succeed Luka Milivojevic.
On his appointment, Ward said: "It's a huge honour for me to be named captain of Crystal Palace Football Club.
“I've been here for a long time and played under some fantastic leaders in south London. I hope I can emulate that while wearing the armband myself."
Hodgson said: "Joel is the ultimate professional. He gives 100% effort both in matches and every day at the training ground.
"I have complete faith in his ability to lead the team and have no hesitation in making Joel club captain, as he has the respect of everyone at the club."