The decision to keep an unchanged lineup at the top comes after the Nationals claimed six seats at the state election on November 24, on a -0.7% swing.
However as a Coalition, they managed to claim just 25 seats after more than 88% of the votes have been counted.
Mr Walsh showed his fight against Premier Daniel Andrews will continue on, saying in a statement following his re-appointment that the battle will keep going.
“With Daniel Andrews’ Labor Government now even more dominated by city-based MPs, the Nationals will be working even harder to make sure the interests of country Victorians, who have put their faith in us to represent them, are heard in the State Parliament," Mr Walsh said.
“I’m very grateful for the endorsement from my colleagues and am looking forward to getting back to work for Victoria’s rural and regional communities."
Ms Ryan applauded her colleague in the statement.
“Peter is a relentless champion for regional communities across Victoria and I’m honoured to once again be part of the leadership team with him," Ms Ryan said.