The Red Wings parted with the 28-year-old defenseman for a pair of picks; a 2018 second-round pick and third-round pick this year.
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In 33 games this season, Smith has five points (two goals, three assists) in just over 18 minutes of average ice time this season. Smith also has 43 hits on the year.
The trade comes on the heels of the news that Rangers defenseman Dan Girardi will miss roughly two weeks with an ankle injury.
Smith has -1 plus/minus this season, and the 28-year-old has missed time with an MCL sprain earlier in the year.