The Poland international moved to the Philips Stadion from fellow Eredivisie outfit Roda JC in August 2011.
However, Tyton has failed to establish himself as a regular at PSV and was understudy to Jeroen Zoet last term.
The 27-year-old has subsequently joined Elche on a temporary basis, with the Spanish side holding the option to make the move permanent.
"Elche have reached an agreement with PSV Eindhoven for a one-year loan with the option to purchase Poland international goalkeeper Przemyslaw Tyton," read a statement on Elche's official website.
"Tyton, 27, has played 13 games with the Poland national team, including three games of the group stage that his national team played in Poland and Ukraine in 2012.
"The keeper has played 70 games in the Eredivisie with Roda JC and PSV and eight games in the UEFA Europa League."
Elche have now completed two signings in as many days, after midfielder Pedro Mosquera joined from Getafe on Thursday.
