The elevator safety rescue system is an electro-hydraulic system particularly suited for use in rack and pinion drive elevators installed with tall towers, mines, smoke stacks, and other structures having relatively large elevations or depths. The system includes a positive displacement hydraulic pump driven by the output shaft of an electric elevator drive motor. An electro-hydraulic valve is electrically powered to maintain an open condition to allow unrestricted hydraulic flow through the pump during normal operation. In the event of an elevator malfunction, electrical power is terminated to the valve, causing the valve to close and thus requiring all hydraulic fluid to pass through a restrictor. The restrictor limits the flow of hydraulic fluid through the hydraulic pump, thus limiting its rotational speed and rotational speed of the elevator drive motor to which it is attached, thereby allowing the elevator to descend or climb (with counterweight) at a safe speed.