Elway, the NFL's second all-time leading passer, and Sanders, the third all-time leading rusher, made it in their first year of eligibility for the Hall of Fame.
The Hall of Fame's board of selectors chose from a list of 15 finalists.
Elway is synonymous with the Denver Broncos, having played 16 years with the franchise and passing for 51,475 yards and 300 touchdowns. He's the first Bronco in the Hall of Fame in 44 years, the Denver Post reported.
Sanders appeared to be on his way to becoming the NFL's all-time leading rusher, recording 15,269 yards and 99 touchdowns in 10 years with the Detroit Lions but he retired after the 1998 season.
Eller played 16 seasons for the Minnesota Vikings and was an All-Pro five times.
Brown was a Pro Bowl tackled for the Raiders, Rams and Eagles, retiring in 1973.