The 25-year-old was the Hatters’ top scorer last season with 29 goals in all competitions, including 24 in the league and hat-tricks against Leamington and Spennymoor.
The league website said of Oswell: “Only missing out on the Golden Boot by two goals, Oswell proved he could cut it in the National League North following his move from Welsh football. His predatory instinct showed at Edgeley Park.”
Oswell joined the Hatters last summer after scoring 22 goals for Newtown in the Welsh Premier League.
Salford City trio Michael Nottingham, Carl Piergianni and Tom Walker were also named in the team.