Elliott, 35, went 16-7-4 with a 2.87 goals-against average and two shutouts this season. He was 1-1 in two playoff starts as the backup to Carter Hart.
Elliott has played in 100 games for the Flyers over the past three seasons, going 50-29-12 with a 2.80 GAA, a .906 save percentage and four shutouts.
“Brian is a quality, veteran goaltender who is also an important part of our leadership group,” general manager Chuck Fletcher said Saturday. “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.”
Elliott’s career has also included stops in Calgary, St. Louis, Colorado and Ottawa. He helped the Blues reach the Western Conference finals in 2015-16 with a regular season-record of 23-8-6 in 42 appearances.
He was selected by Ottawa in the ninth round (291st overall) of the 2003 draft.