In 2004, Elam connected on 29 of 34 field-goal attempts (.853) with a long of 52 yards for the Broncos. He accounted for 129 of Denver 381 points in 2004 (87 points on field goals, 42 on PATs) for his 12th consecutive 100-point season. Also in 2004, he notched in 300th career field goal against the Carolina Panthers, becoming the fastest kicker in NFL history to reach that mark and one of only 16 kickers with 300 or more field goals. He helped Denver overcome a stingy defense vs. the Tampa Bay Buccaneers by hitting all three field goals that day to earn AFC Special Teams Player of the Week honors for the fourth time in his career. In addition to making a 50-yard field goal against the Buccaneers in the second quarter, he added a clutch fourth-quarter 23-yarder to secure a win that marked his 16th career game-winning or game-tying field goal. Elam took over sole possession of second place on the NFL all-time consecutive scoring streak list (187 games with at least one point) vs. the Tennessee Titans, making three of four field goals and all four PATs against the Titans while passing Matt Bahr for 15th place on the NFL all-time scoring list.