Asterolasia elegans is a species of slender, erect shrub that is endemic to a restricted area of New South Wales.

It has dense, woolly, rusty star-shaped hairs on its stems, lance-shaped leaves densely covered with white and rust-coloured hairs on the lower surface, and white flowers arranged singly or in groups of up to nine in leaf axils or on the ends of branchlets, the back of the petals densely covered with woolly, white hairs.

The leaves are covered with white and rusty-red star-shaped hairs, densely so on the lower surface.

[2][4] Asterolasia elegans is only known from seven populations over a distance of 37 km (23 mi) and is listed as "endangered" under the Australian Government Environment Protection and Biodiversity Conservation Act 1999 and the New South Wales Government Biodiversity Conservation Act 2016.

The main threats to the species include inappropriate fire regimes, habitat loss, weed invasion and grazing by feral animals and domestic livestock.