Ronaldo broke the deadlock in the early stages of the second period with a powerful free kick, but Richmond Boakye equalised for Elche in the final minute.
It was not enough to secure a share of the spoils, however, with Ronaldo scoring his second from the spot in the sixth minute of additional time.
Here, Sports Mole dissects the 90 minutes of action between the two La Liga rivals.
On target: 3
On target: 5
Was the result fair?
In a word, no. Elche did not do enough to deserve all three points this evening, but they were desperately unlucky not to take a point in what was quite comfortably their best performance of the season. Madrid appeared to be on course for a 1-0 win in the latter stages until the dramatic final eight minutes or so unfolded. It will be a bitter pill to swallow for the newly-promoted outfit.
It has not quite been the start that Elche would have wanted this season, without a win in their first six matches, but if they can replicate their performance from this evening throughout the season, then they will be just fine. They matched Madrid all over the park and thought that they had their just reward in the latter stages. However, that is football at the highest level.
Real Madrid's performance
Make no mistake about it, Madrid were poor this evening. They did improve in the second half and in truth, dominated for long periods in the latter stages, but they never really threatened to put the match beyond the home side. It came as no surprise when they conceded in the final minute, but they showed their character to go down the other end and find the back of the net, albeit with a helping hand from the referee. However, they will have to improve this weekend when they tackle capital rivals Atletico Madrid.
Sports Mole's man of the match
Cristiano Ronaldo: There were plenty of impressive performers for Elche this evening, but this accolade simply has to be handed to Ronaldo. The Portuguese opened the scoring with a free kick in the second period, before showing incredible nerve to tuck away his penalty late on. It would be no exaggeration to say that he carried his team this evening.
In truth, there were a few. Namely Elche goalkeeper Manu Herrera letting Ronaldo's free kick slip through his grasp, but there is a clear winner here with the referee's decision to award Madrid a late penalty. It remains to be seen just what Cesar Muniz saw inside the Elche box, with Pepe throwing Carlos Sanchez to the ground following a tugging war between the two players. It was one of the most extraordinary decisions that I have ever seen.
It was not an easy match for Muniz to referee with the number of challenges that were flying in from both sides, especially in the second period. He could and perhaps should have dismissed Madrid defender Sergio Ramos in the first period after the Spaniard, having already been booked, made a poor challenge on the edge of his own box. As mentioned, he also had an absolute horror in stoppage time as he effectively cost Elche a share of the spoils. Overall, it was not his finest 90 minutes.
Elche: Elche's search for their first league win of the season will continue on Sunday when they travel to Celta Vigo.
Real Madrid: It is the Madrid derby for Carlo Ancelotti's side this weekend as they welcome Atletico Madrid, who have won all six of their league matches this season, to the Bernabeu.