We report a full analysis of the magnetization dynamics in thin ellipsoidal Permalloy ͑Ni 80 Fe 20 ͒ elements, made both experimentally, using an all optical pump-probe scheme based on the magneto-optical Kerr effect, and numerically, using micromagnetic simulations. We have found experimentally as well as numerically that the precession frequencies shift with the aspect ratio of the element, with stronger effects for smaller sizes. Moreover, the magnetization dynamics is found to be inhomogeneous, and can be decomposed into three different kinds of localized precession modes: a low frequency edge mode, a main mode which is composed of several modes with frequencies close to each other, and some higher-order modes.