Actor wore pink Ralph Lauren gown to accept Academy Award in 1999
In the image, Elson leans against a dressing table while wearing a rose pink strappy Ralph Lauren gown, previously worn by Paltrow at the 71st Academy Awards.
The model explained in the Instagram caption that the design is one of "iconic dresses from the red carpet over the years" which she wore for the photo shoot.
Paltrow was clearly taken by the fact that Elson paid homage to her iconic 1990s sartorial moment, commenting underneath the post: "You wore it better."
The Ralph Lauren gown which Paltrow famously wore when she was 26 years old is widely regarded as being one of the most memorable dresses ever worn to the Academy Awards.
The actor completed her look with a matching pink sheer shawl, a diamond Harry Winston necklace and diamond stud earrings, wearing her hair in a slicked back bun.
Several Instagram users commented underneath Elson's post, expressing their admiration for her elegant InStyle cover.
"Love this!!!" wrote actor Mandy Moore.
"Love you, love you, Karen! It could only have been you," commented Laura Brown, editor-in-chief of the magazine.
Paltrow's acceptance speech at the 1999 Academy Awards was one of the most memorable ever to take place at the ceremony.
The actor spoke tearfully on stage as she explained that she would not have been able to portray the character of Viola in Shakespeare in Love had she not "understood love of a tremendous magnitude".
To take a look at all of the most memorable dresses ever worn to the Oscars, click here.