The Fashion Star mentor made the comments while appearing on The Howard Stern Show after revealing that she keeps a nude photograph of herself hanging over her bed.
When Stern asked if Macpherson's children ever get "upset" by the nude photo, the model replied: "No… I just think you're being absolutely Jewish."
Stern appeared confused by the remark and asked: "Why is that Jewish? I've had this discussion with people who aren't Jewish."
Macpherson answered that Stern was being "overprotective" like a "nagging mother".
"You sound like a nagging mother, 'Eleanor, should you have that picture in your room?' My children are very well-balanced," she added.
Listen to Elle Macpherson's comments below (starts at 8:15):
Stern did not appear offended and changed the subject to reveal that he was once "traumatised" by seeing his mother naked.
"Yeah, I can imagine if she looks like you," she quipped, adding: "Oh sorry! That just slipped out."
Stern answered in good humour by saying that after Macpherson referenced his Judaism and insulted his appearance, he was "ready to break up" with her.
Macpherson later responded to a Twitter follower's criticism of her remarks by tweeting: "[Howard and I] were having fun together and I love Howard."
It was reported this week that Macpherson was recently dumped by boyfriend Jeff Soffer for a younger model.
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