The Olympic cyclist and her professional dance partner Brendan Cole left the competition after finishing in the bottom two alongside cricketer and Michael Vaughan and partner Natalie Lowe.
Following the dance-off, the judges delivered the verdicts with a unanimous verdict to save Vaughan from elimination.
Craig Revel Horwood said: "Well this couple completely smashed it, and I thought they were fantastic - Michael and Natalie."
Darcey Bussell said: "Yes - I am going save Michael and Natalie."
Bruno Tonioli added: "I am going to save the best performance - and that came from Michael and Natalie."
Following the decision, Pendleton said of of her elimination: "It's been so much fun; I have loved every second of it. It pushed me totally out of my comfort zone, which I think you really need to do in life.
"Brendan has been fantastic, the people behind the scenes here - the hair, make-up, I love the costumes. It's been a fantastic experience."
Cole added: "It's been an emotional roller-coaster but I said from the start I was so excited to be paired with Victoria and I haven't changed my mind - she has been a diamond to work with.
"What a girl - she is the pride of the nation, and I couldn't be happier or prouder of [Victoria] for the way [she has] attacked it."
Sunday's results show also featured former Britain's Got Talent dance troupe Flawless, while The Script also performed.
Strictly Come Dancing continues on Saturday (December 1) at 6.50pm on BBC One.