Juan Ignacio Martinez's Valladolid moved up four places to 10th thanks to the point, while newcomers Elche gained one place and sit 17th after three draws in their first four matches.
The home side enjoyed the best of the opening exchanges and Ferran Corominas was first to test Valladolid's Diego Marino with a close-range shot but the goalkeeper's quick hands kept the ball out.
Moreno Javi Marquez came closest to breaking the deadlock for Elche midway through the first half as he struck a powerful long-rage effort over the crossbar.
The visitors took a while to get going and Rodriguez Javi Guerra should have opened the scoring moments later as he volleyed the ball from the left of the box, forcing Elche stopper Herrera Manu to make a catch.
At the other end, Chavez Fidel was next to have a go at the Valladolid goal, but he too missed the target as he drilled the ball wide of the left-hand goal post from 20 yards out.
Both sides took a while to settle after the break, but the home side seemed to dominate after winning a number of corners, but de Pareja Carles Gil and Edu Albacar's efforts came to nothing - with Valladolid defender Carlos Pena clearing the ball on at least one occasion as the away side attempted to keep a clean sheet.
Albacar had a shot on target minutes later but was wide of the mark with his long-range kick.
That was followed by Hernandez Marc Valiente's retirement as the defender went off injured for the visitors after 56 minutes to be replaced by Valdet Rama.
The away side had another chance as Valdet Rama forced Manu to tip the ball around the post to safety, while Julian Omar Ramos' resulting corner was fruitless.
Elche lost midfielder Moreno Javi Marquez to injury with 10 minutes left and Carlos Sanchez Moreno came on to fill the void.
Valladolid came close as the game drew to a close when Manu saved a close range effort from midfielder Robres Alvaro Rubio.
Albacar had two further chances late on as Elche also went for the maximum points but Marino kept out both efforts as both teams collected a point.