The 64-year-old was eliminated after failing to impress with her Valentine's Day routine, landing in the bottom two alongside Chemmy Alcott when judges' scores and viewer votes were combined.
After the skate-off, the panel of Louie Spence, Katarina Witt and Robin Cousins praised both stars for having improved on their original routines, but unanimously elected to save Alcott.
However, Spence went on to describe Conley as "an inspiration" and "a true lady", while Witt added: "You know that you had my admiration from the first second."
Speaking to hosts Phillip Schofield and Christine Bleakley after the result, the fitness guru praised her professional partner Mark Hanretty for all his effort.
"I've loved every second and this young man is a new best friend in my life," she said. "He's brought the best out fo me. I just want to thank you for being the best coach and nicest person that God put on this earth."
Addressing show mentors Jayne Torvill and Christopher Dean, she continued: "They are such an inspiration and I don't think people at home realise how much you do to make the show how it is, because you are both legends."
Tonight's edition of the show saw Jennifer Ellison cut her head open with a skate during her live routine.
Dancing On Ice returns next Sunday (February 19) at 6.05pm on ITV1.