Nematolepis elliptica is a small shrub to 1.5 m (4 ft 11 in) high with rounded, scaly, warty branches.

The small bracts are almost flattened, leaf-like, smaller near apex of branch and discarded early.

The dry seed capsule is almost square, about 3 mm (0.12 in) high with a very small triangular point.

[2][3][4] This species was first formally described in 1974 by Paul G. Wilson, the description was published in the journal Nuytsia and given the name Phebalium ellipticum.

[7][8] Nematolepis elliptica has a restricted distribution in the ranges east of Cooma in New South Wales.