Elsom, who has rejoined the Waratahs from the Brumbies, takes over the reins from the now-retired Phil Waugh.
And with the 27-year-old having previously skippered the side in 2007 and led Australia for three years before the appointment of James Horwill, Waratahs coach Michael Foley insists Elsom was the obvious choice.
"We have spent the past months in discussions with senior players in an effort to determine the best man for the job," Foley said.
"There will never be a perfect replacement for retired skipper Phil Waugh. However, after defining the role and what it was the players expected and wanted from a captain, Rocky was the stand-out candidate."
Elsom, who has 75 caps for his country, is currently recovering from a hamstring injury and is expected to be available for the Waratahs within the first month of the new season.
The Waratahs start their 2012 campaign with a home game against the Reds on February 25.
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The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
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