The 17-year-old has made 26 appearances for the Championship this season.
"He's done extraordinarily well for us," Mowbray said, via the Lancashire Telegraph.
"You have to put into context that he's 17-years-old, I know he's come from Liverpool, one of the powerhouses of European football, but he's assisted and scored and been very creative for our team and been a huge positive and made a huge impact at our football club."
Elliott has started the last two games on the bench for Rovers, but Mowbray says he could play against Brentford on Friday.
"I took him out of the side because he's played a lot of games on the bounce and at 17 you can't expect him to keep going, every game 90 minutes, he needs to be given a rest.
"For him it coincided with us going to Millwall and winning 2-0, the performance against Swansea was really decent that probably warranted more than the draw we got.
"Without giving the team away we'll assess where everybody is, for some this will be the fourth game in 10 days and we have to assess whether they can keep rolling or whether we need to make some changes."