Vaughan’s new deal should see him remain with Rovers through to the summer of 2016.
“I’m really enjoying being at Rovers,” said Vaughan. “I’m learning all the time from the gaffer Paul (Smith) and Laurie (Ellis) and also from playing alongside the experienced pros in the team, and it’s also great that we now have first-class training facilities at Glenrothes.
“I’m just so glad that previous manager John McGlynn offered me my first deal with the club on my 16th birthday. I’ve worked hard and now I’m really happy to be getting more and more first-team involvement under the gaffer.”
Vaughan will be part of the squad travelling south to face Queen of the South on Saturday.
Defender Dougie Hill will return following suspension.
Queen of the South v Raith Rovers: Vaughan eyes first-team slot