The couple have announced that they will be 'doing it all again' and having another wedding to mark their 10-year anniversary.
The 71-year-old singer said they will return to the same location, a lavish medieval monastery in Portofino, Italy, to have a 're-run' of their wedding day.
The father-of-eight told Alan Carr on his Channel 4 Chatty Man show; 'Next year is our 10th anniversary. We are going to do what we did 10 years ago. We are going to go down to Italy with all the same friends and do it all over again.'
Rod and Penny on their wedding day in 2007, in Italy
Rod, who rose to fame as a singer in the Jeff Beck Group and Faces in the 1960s and 1970s, has gone on to be one of the best-selling artists of all time, with over 100 million records sold worldwide.
The star, who has eight children with five women, reflected on his marriage to Penny; 'I always maintain that you have to wait till the right person comes in.
'Don't just go out with anybody as if the wrong person is there then the right person can't get in.'
His first two marriages were to American actress Alana Hamilton between 1979-1984, then model Rachel Hunter between 1990-2006 before settling down with Penny, 44.
Rod and Alana Hamilton, 1979
Rod told The Sunday Times in 2007; 'Instead of getting married again, I'm going to find a woman I don't like and just give her a house.'
The Grammy award winner has six children from previous relationships, including Sarah Streeter, 52, who was raised by adoptive parents, Kimberley, 36, Sean, 35, Ruby, 29, Renee, 24 and Liam, 22.
Rod and Penny have two sons together, nine-year-old Alistair and four-year-old Aiden.
Recently, Penny has been making regular appearances as a panelist on ITV daytime chat show Loose Women. Rod said; 'I watch Loose Women every time she is on. I am proud of her. She does a really good job.'
Rod and Penny on Loose Women
'I don't worry that she says things about me. She would not be married to me if she was that type of girl.
'She is very thoughtful and loving. She is a great mum and I have been very lucky.'
When asked about making their relationship work, Penny admitted that she has to give Rod plenty of attention, saying; 'I make a very conscious effort to dedicate time – the two of us going out for dinner or having breakfast together. Just a moment amongst the madness, he still needs attention.'