Fox returned to the Broncos earlier this week following four weeks away from the club after undergoing aortic valve replacement surgery.
Defensive coordinator Jack Del Rio served as interim head coach during Fox's absence and led the team to a 3-1 record.
Elway told the club's official website: "I think he's come back with plenty of energy, too, so it's great to have him back.
"But I think when you look at it, you look at the challenge and what went on, it was a collective effort by everybody to pick up the slack."
The Broncos are 10-2 in their season and are close to sealing a place in the AFC playoffs.