That's one ELLE of a dress! Gwyneth Paltrow dazzles in sheer panelled gown as she leads the red carpet glamour at fashion magazine party in Madrid

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Her unquestionable sense of style has all too often equalled what has been a hugely successful film career, and so it proved on Wednesday evening as Gwyneth Paltrow outshone her rivals with another dazzling red carpet display.

The American actress, 44, stole the show in an intricately designed Gucci dress as she made a welcome appearance at an ELLE magazine party in Madrid, Spain.

Featuring a sheer chest panel embellished with a large, modesty protecting floral design, the striking evening wear ensured Gwyneth commanded attention a she sashayed into the event.

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Leading the way: Her unquestionable sense of style has all too often equalled what has been a hugely successful film career, and so it proved on Wednesday evening as Gwyneth Paltrow outshone her rivals with another dazzling red carpet display at an ELLE magazine party in Madrid, Spain

A cinched waistline and elegantly pleated semi-sheer skirt gave the overall look a distinctive flourish, while frilly, tiered shoulders rounded it off.

The Academy Award winner embellished her look with smart Jimmy Choo heels - barely visible beneath the wide hems of her striking dress. 

A sparkling bejeweled bracelet and statement earrings from high-end jewelry chain Tous completed her ensemble - and helped to ensure she claimed the lions share of attention from onlookers on Wednesday evening.

Glitz and glamour: A sparkling bejeweled bracelet and statement earrings from high-end jewelry chain Tous completed her ensemble - and helped to ensure she claimed the lions share of attention from onlookers on Wednesday evening

Terrific trio: Gwyneth was also joined on the red carpet by the Tous Family who she has been working with on their new advertising campaign in Spain recently

In good company: Gwyneth was joined by James Costos, United States Ambassador to Spain and Andorra

Red carpet rival: The actress had good company on the night in the form of Elizabeth Hurley, whose own choice of outfit guaranteed she was not overshadowed

Dripping in diamonds: A bold statement necklace gave the look a striking focal point, while its tastefully fitted upper-half drew attention to Elizabeth's undeniably toned physique

Looking good: Both Gwyneth and Elizabeth accentuated their naturally pretty features with subtle make-up ahead of their appearance at the event 

Special guests: American socialite Olivia Palermo (L) and veteran Czech model Eva Herzigová (R) added an extra sprinkling of glamour to proceedings on Wednesday evening 

Keeping it simple: Olivia opted for simple, understated colours in the form of a conventional white blazer and pleated sheer skirt combination 

Simple style: Eva's printed black blouse and generously cut skirt proved to be surprisingly low key on a night dedicated to bold style statements

The actress had good company on the night in the form of Elizabeth Hurley, whose own choice of outfit guaranteed she was not overshadowed. 

Opting for a classically styled sleeveless black gown by Marchesa, with a daring thigh thigh split, the seemingly ageless 51-year old looked stunning as she posed  for photos before making her way inside. 

A bold statement necklace gave the look a striking focal point, while its tastefully fitted upper-half drew attention to Elizabeth's undeniably toned physique.  

Striking: Actress and dancer Monica Cruz, the younger sister of international star Penelope Cruz, dazzled in a glittering sequinned gown  

In attendance: Models Ines Sastre (L), Mar Saura (C) and Eugenia Silva (R)  made a memorable entrance at the Spanish event

Pretty in purple: Laura Sanchez oozed glamour in a plunging plum coloured gown with a black sash

Red carpet glamour: Spanish sports journalist Sara Carbonero (L) model and actress Ines Sastre (C) and model Lulu (R) were all in attendance on Wednesday evening 

A sparking clutch and simple strappy heels completed the look, while a simple approach to make-up and hair ensured her wardrobe was not overshadowed. 

Elsewhere American socialite Olivia Palermo, 30, kept it simple by opting for subtle colour tones in the form of a white blacker jacket and sheer black shirt combination.  

A T-shirt bearing the single word 'REVOLUTION' gave the look a casual twist, while a tightly wound necktie and simple earrings proved to be the only visible accessories.  

Sheer delight: Spanish model Ariadne Artiles looked stunning in a heavily embellished see through dress 

Glitz and glamour: Ana Albadalejo, Aida Domenech, Judit Masco and Dalianah Arekion had all eyes on them

Three's company: (L-R) Cosima Ramirez, Designer Modesto Lomba and Maite de la Iglesia wowed at the party 

Leggy ladies! Belen Rueda, Alba Carrillo, Cristina Castano and Marta Espa all opted for a thigh high split 

With her hair held in a tightly braided top knot, Olivia was a typically stylish sight as she rubbed shoulders with her fellow guests at the Spanish event. 

Other guests on the night included Czech model Eva Herzigová, 43, whose printed black blouse and generously cut skirt proved to be surprisingly low key on a night dedicated to bold style statements.

Elsewhere Spanish model and actress Monica Cruz, 39, the younger sister of celebrated international star Penelope Cruz, caught the eye in a dazzling, off the shoulder sequinned gown. 

Local stars to attend the exclusive event included models Ines Sastre, Mar Saura, Eugenia Silva, and stunning actress Eva Gonzalez. 

Alright in white: Spanish actress Eva Gonzalez put on a stylish display in sequinned trousers and a flowing, floor-length top 

Cosy couples: Jorge Vazquez and Cosima Ramirez arrived with glamorous dates on their arms