The world governing body selected twelve players from those who played in the World Youth Finals in the UAE who showed the most potential to succeed at the highest level.
The striker scored three goals in four games for Ireland's U20s and while he didn't make it on the Technical Study Group All Star Team, FIFA.com acknowledged the skills he demonstrated.
They said: "If anyone was ever born with an eye for goal, it is this young lad. A tireless worker up front for the Irish, the Manchester City forward impressed by virtue of his clinical finishing".
"Popping up as if from nowhere, he chalked up 3 goals, including a splendid angled header against Saudi Arabia. No slouch, he is also physically fine-tuned and blessed with a cool head in front of goal".
Elliott scored two in the 2-1 win over the Saudis in the first group game before a draw with the Ivory Coast and a 2-0 defeat of Mexico. The Irish were then knocked out in the second round by Columbia.
Gerry Smith, the Irish coach, praised Elliott after his goal secured a 2-2 draw in the second group game.
He said: “Elliott is a genuine goalscorer, a boy who can get you a goal at any time and in any way.”
Brazil were winners for the fourth time, beating Spain 1-0 in the final. Columbia beat Argentina 2-1 in the third place play-off.