The two stars have been at loggerheads since the former Faces singer criticised his old friend's plans for a retirement tour, branding it "not rock 'n' roll" and insisting he wouldn't do the same.
However, after years of being at odds Rod has confirmed they've officially buried the hatchet, after admitting it didn't seem fair for him to tell his eight children to apologise to people without following his own advice.
He said, "I say to my kids, 'A man apologises, go and apologise to your mother.' We've just made up as friends again, me and Elton."
"We've always been fierce enemies, as you know, through the years, but it's always been at a playful level."
"But we had the worst row, like a married couple. It went on forever."
The "Maggie May" hitmaker, 76, has also insisted he "regrets" lashing out at Elton for his farewell tour.
Speaking on a forthcoming instalment of "The Harry Redknapp Show" podcast - available from Tuesday (19Jan21) - he added, "I was a bit spiteful when he announced his tour. I regret it, I really do regret it. So we're mates again now. I do love him."
Meanwhile, Elton also recently said he "bears no grudges" toward Rod as he confirmed the pair are friends again.
"Rod and I have always had this kind of rivalry but it's always been very friendly and it's always been funny and I love him to death," he previously stated.
"We've had this rivalry for a long time and it's been very, very funny, and I love him dearly, and if I saw him in the street I'd give him the biggest hug. There's no point in carrying on vendettas in this world. Life's too short."
"You can't erase all those years of great friendship by just one thing that happened, and I'm not going to do that. As far as I'm concerned he's a brilliant artist who's had a great career, and he's such good fun."