Elphinstone Point is named after Mountstuart Elphinstone, the Governor of Bombay Presidency in the early 19th century. The area has historical significance as part of the Maratha Empire's territory. While there isn't a specific historical event tied to the point itself, the surrounding region played a role in various historical power struggles. Today, it's primarily known for its natural beauty and as a popular tourist destination within Mahabaleshwar.