Elton John -- Cracks Dolce & Gabbana Joke ... Possible Peace Offering?

Elton John is taking on Dolce & Gabbana again, but instead of trashing the designers ... he's saying he loves them. However, it might be a giant backhanded compliment.

Elton and D&G have been feuding ever since Dolce referred to children born by IVF as "synthetic babies" -- but during his show in Las Vegas, Sir Elton said his whole band is wearing their clothes.

Problem is ... he brought up Dolce & Gabbana while listing people who had changed the world.

Check out the clip ... Elton's either being sarcastic or he's decided to accept the olive branch D&G offered a couple days ago.