Beaumont played for the Adelaide Strikers in second and third seasons of the WBBL but did not play the last one. She was named in Wisden's Five Cricketers of the Year for 2019 and produced her sixth ODI century during the recent Ashes series in England.
Beaumont, 28, joins England team-mate Danielle Wyatt and New Zealand's Lea Tahuhu as the overseas players at the Renegades after Satterthwaite was ruled out of the tournament after recently announcing she was pregnant.
"I'm thrilled to be heading back to the Big Bash," Beaumont said. "I've played against a lot of the talent in the Renegades line-up so it'll be nice to be playing alongside them this time. The Renegades are a side on the rise and the Big Bash is such a tough competition so I'm looking forward to testing myself against some of the best players in the world."