Goals from Sophie McDowell and Lucy McKee sealed the victory and see them win the competition for the third year in a row.
It was Pegasus who began the game on top with Emma Gregson firing a low driven ball across the face of the Elks goal, but nobody could divert it goalbound with just four minutes on the clock.
Just moments later Alex Speers was through on goal and had the first significant chance of the game but was denied by goalkeeper Gemma Ferguson at point-blank range.
With just ten minutes on the clock, Pegs continued their early dominance in the tie with youngster Erin Pim winning her side the first penalty corner of the tie.
But again Ferguson came out on top as Shirley McCay’s effort from the top of the circle was slapped straight at the goalkeeper.
The early dominance finally paid off when Lucy McKee opened the scoring with just 14 minutes on the clock.
Following a second penalty corner, an initial strike was well blocked by an Elks defender before the Pegasus forward converted the rebound at the near post.
After another tight quarter between the two sides, Pegs doubled their advantage on the brink of half time.
Sophie McDowell picked up the ball on the right wing before cutting in and getting a reverse strike off from the top of the circle and picking out the bottom corner to make it 2-0.
However, it would be the student side who struck next with Nieve Caldwell giving her side a lifeline against the run of play.
The youngster found herself unmarked at the top of the circle with 47 minutes on the clock before her reverse strike thundered off the crossbar and into the goal.
As play restarted for the fourth and final quarter Pegasus thought they were given the opportunity to signal the tie when they were awarded a penalty stroke.
However, just as former Ireland International Shirley McCay stepped up to take, the decision was reversed and they lost the chance.
Meanwhile, tensions began to boil over as teammate Alex Speers was shown the first card of the game and left Pegasus temporarily. down to ten.
Back to a full complement of players Pegasus went close once more as Erin Pim struck narrowly wide from another penalty corner in the dying moments
Despite a late period of pressure from Joel Cathcart’s Ulster Elks, they were unable to find a late equalizing goal and Pegasus were crowned Denman Shield champions.
