Elliott was 16-7-4 with a 2.87 goals-against average, an .899 save percentage and two shutouts in 31 games (27 starts) as the backup to Carter Hart this season.
The 35-year-old was 1-1-0 with a 2.15 GAA and .911 save percentage in three games this postseason.
"I'm proud to remain with the Flyers," Elliott said. "I believe in this group and I'm excited for the future and what we can do as a team."
The Flyers were 41-21-7 (.645 points percentage) this season. They were 3-0-0 in the round-robin portion of the Stanley Cup Qualifiers and defeated the Montreal Canadiens in six games in the Eastern Conference First Round of the Stanley Cup Playoffs before losing in seven games to the New York Islanders in the second round.
"Brian is a quality, veteran goaltender who is also an important part of our leadership group," Philadelphia general manager Chuck Fletcher said. "His preparation and work ethic are exemplary. With Brian and Carter, we believe we have a strong goaltending duo who have each had success and work very well with each other."
Selected in the ninth round (No. 291) of the 2003 NHL Draft by the Ottawa Senators, Elliott is 241-146-47 with 2.50 GAA, .912 save percentage and 40 shutouts in 472 games (431 starts) with the Flyers, Calgary Flames, St. Louis Blues and Senators.
Elliott is 17-26 with a 2.72 GAA, .904 save percentage and one shutout in 48 playoff games (45 starts).
