[13] George was uncertain of its relationships, though noted that the follicles and seed are not unlike those of B. ilicifolia and B. cuneata, and that it clearly had a shortening of its woody axis in the flower spike.

[3] In 2002, a molecular study by Austin Mast showed B. elegans was basal to a group formed by the three members of the subgenus Isostylis, and that its next closest relative was B.

[14] In 2005, Mast, Eric Jones and Shawn Havery published the results of their cladistic analyses of DNA sequence data for Banksia.

They inferred a phylogeny greatly different from the accepted taxonomic arrangement, including finding Banksia to be paraphyletic with respect to Dryandra.

[16] Banksia elegans occurs only over a 65 km2 (25 sq mi) area north and west of Eneabba, where it grows in small scattered populations consisting of fewer than 100 plants each.

The populations are found between the vicinities of Mt Peron near Jurien Bay and Walkaway, on flat sandplains of less than 50 m (160 ft) in elevation.

[6] Populations begin flowering three years after bushfire, and regenerate after fire from large underground lignotubers as well as sending up suckers.

One field study found no seedlings at all post-bushfire, suggesting the shift to vegetative propagation maybe more marked than thought previously.

[17] An assessment of the potential impact of climate change on this species found that its range is unlikely to contract and may actually grow, depending on how effectively it migrates into newly habitable areas.

[18] This banksia is classified as "Priority Four" by the Government of Western Australia Department of Parks and Wildlife,[5] meaning that is rare or near threatened.