The focus of this study was to assess the quality traits and sensory profile of cooked rose shrimps (Parapenaeus longirostris) treated with a phenolic extract, derived from olive vegetation water (PEOVW). To achieve the aim, four different groups of shrimps were analysed, specifically the control (CTRL) group, where the shrimps were soaked in tap water; sulphites (S) group with shrimps soaked in 0.5% sodium metabisulfite tap water solution, phenolic extract (PE) group where a tap water solution containing 2 g/L of phenols was used; and PE+S group where the shrimps were dipped in 0.25% sodium metabisulfite tap water solution containing 1 g/L of phenols. The groups were then stored at 2 °C and analysed on the day of packaging (D0), after 3 (D3), 6 (D6), and 8 (D8) days. On each group, microbiological parameters such as Enterobacteriaceae, mesophilic and psychrotrophic bacteria, and colorimetric indices were investigated on six (n = 6) shrimps before cooking, while the evolution of the phenolic content, antioxidant activity, and sensory analysis during the storage period were evaluated on cooked shrimps. Regarding colour coordinates, there were no noteworthy variations overtime nor between groups, while it is important to note that the microbiological results for the PE group showed at each time interval and for all the considered parameters, significantly lower values than the other groups (p < 0.05). This result is very interesting when considered further in correlation with the sensory analysis, where shrimps mainly in PE and secondarily in PE+S groups were shown to retain the freshness characteristics better than the other groups (α = 0.01), without giving the shrimps any particularly bitter and pungent sensations typical of the olive phenolic compounds. In conclusion, the results obtained in this study give PEOVW the potential to be valorised in the food sector and, above all, it could represent a sustainable solution to reduce the use of synthetic additives.