The former Shrewsbury Town centre-half is back with the Bucks after a spell on loan at National League North rivals Alfreton Town.
He impressed off the bench in the FA Trophy semi-final first leg at Leyton Orient on Saturday, which Telford lost 1-0, and is likely to play a part in the return leg this weekend having not been risked in the Shropshire Senior Cup final last night.
On sending Smith out on loan, and then bringing him back, Cowan said: "Dom was not playing and suffered from being suspended for the first three games of the season, and the lads have done well.
"We wanted to keep him fresh and send him out to get his legs going, and now he comes back match fit.
"Alfreton had won four games in a row and Dom has been playing ever so well.
"He is our player and he has hit seamlessly back into the side, and I don’t sign anyone if I am not going to play them.
"He is an unbelievable character, a real man's man that suits me down to the ground and it has given everyone a lift.
"There's been no sulking from him, at all. He's all about the team."
Smith joined the Bucks at the back end of last season following his release from Shrewsbury, where he was part of the 2014/15 side which finished as runners-up in League Two.