Let's review the facts:
Pros:
VS usually sign their models for 3-year contracts, Elsa's PINK contract is likely to have expired.
VS usually sign their models in the winter (Selita, Izabel, Doutzen, Behati, Candice, Rosie, Chanel, Erin, Lindsay) and reveals them for V-Day (Candice, Rosie, Lindsay) or Swim spring launch (Erin, Chanel, Karlie), thus ensuring the image rights last until a VSFS.
IMG stated that Elsa had signed an Angel contract.
Elsa has been moving up the ranks at VS, getting her first solo campaign and getting to be featured in (some of) the London VSFS promo alongside the Angels.
Elsa has been credited at the VSFS for 2 straight years.
Elsa is listed alongside the Angels on the VS Press Room 2014 VSFS cast.
VS social media has referred to Elsa as an Angel.
Cons:
Elsa isn't listed on VSAA's Supermodel page.
All confirmed Angels since late 2008 have been at some point, girls who have been calimed to be Angels (looking at you Arlenis, Toni, Bregje, Lais, Martha, Jasmine & Stella) have not.
The London credits featured, order, Behati, Lily, Karlie, Alessandra, Adriana, Candice, Martha, Jasmine, Lindsay, Elsa, Doutzen, Lais & Stella. The former 6 are known to be active Angels. None of the latter 7 are (see also, 2009 credits).
Elsa has been excluded from some of the London VSFS promo and has yet to get any spokesmodel work done aside for PINK, VSFS or Eau So Sexy (or whatever that lame name was).
VS social media has referred to Arlenis, Toni & Lais as Angels.
So which is it?
IMO, Elsa has indeed signed an Angel contract but she is due to start her spokesmodel work only in a few months. By then, she will appear on VSAA (and Lindsay +/- Doutzen will be removed). I don't think it's that far fetched for her to have signed a contract in late November which becomes valid only in the Spring. VS shoots 4 months ahead of press time, it wouldn't surprise me if they signed their models accordingly.