Check out Madonna's peace offering in the video player above.
"I'd like to dedicate this next song to a Mr Elton John," announced the singer amidst cheers from the crowd.
"I know he's a big fan of it and I know he's a big fan of mine.
"And you know what? I forgive him. You've got to start somewhere."
'Masterpiece' was track that snagged Madonna a Golden Globe from Elton in January this year. She won the award for Best Original Song after the song featured in the film W.E..
Elton was nominated in the category for his song 'Hello, Hello' from Gnomeo and Juliet.
Before the Globes Elton told TV host Carson Daly, "Madonna hasn't got a f---ing chance," and after missing out on the award his hubby David Furnish wrote on Facebook, "Madonna. Best song???? F---- off!"
Madge could have chosen a different song — any song — to dedicate to Elton. Given she chose 'Masterpiece', you'd be forgiven for thinking her offering of peace was a little tongue in cheek.
The two have been fighting for over 10 years. Their rivalry started in 2000, when Elton took a dig at Madge's song 'Die Another Day', saying it was "the worst Bond tune ever."
Meanwhile, in other Madge news, the singer has reportedly ditched the swastika symbol that landed her in hot water with far-right French politician Marine Le Pen.
As we previously reported, the symbol featured on Marine's head as part of a video montage during concerts for the singer's current M.D.N.A tour.
But according The Guardian, the swastika was replaced with a question mark at Madge's Tuesday concert.
Marine's party, the National Front, had previously threatened to sue the singer but they're now claiming victory.
A spokesman for Marine told Agence France-Presse, "To my knowledge, Madonna has never changed a video before. It's proof that our arguments won out. It's excellent news."