Straka was traded to the New York Islanders in a three-way, five-player deal between Ottawa, New York and the Toronto Maple Leafs, that involved Straka, Kirk Muller, Ken Belanger, Don Beaupre, Bryan Berard, Damian Rhodes and Wade Redden.

In 1998-99 he set new career highs, logging 35 goals and 48 assists, but his second season was less successful, but he had established himself as one of the leagues premiere two-way players due to his explosive speed and on-ice vision.

With the return of Mario Lemieux he would go on to have a career year during the 2000–2001 season for Pittsburgh as he amassed 27 goals and 95 points and in 82 games.

On November 30, 2003, in a cost-cutting move, the Penguins would deal Straka to the Los Angeles Kings for Russian prospect Sergei Anshakov and defenceman Martin Strbak.

On February 16, 2008 in a game against the Buffalo Sabres, Straka assisted on a goal to record his 700th NHL point.