The addition of Ladle Furnace Slag (LFS) to concrete modifies its compressive strength and modulus of elasticity and consequently impacts their relationship. This research evaluated both properties at 28, 90, and 180 days in concrete mixes produced with 5%, 10%, and 20% of two LFS types, both stabilized and non-stabilized. The relationship between them was then analyzed through these experimental results by adopting a statistical approach. A three-way analysis of variance revealed that both properties were affected by LFS differently. Thus, the effect of each LFS content on both features varied depending on its composition and pre-treatment. Furthermore, the effect of the LFS content on the compressive strength was also influenced by the age of the concrete. These facets implied that when analyzing the relationship between both mechanical properties, the monotonic correlations were stronger than the linear ones, reaching values between 0.90 and 1.00. Therefore, the double reciprocal regression models were the most precise ones for expressing the modulus of elasticity as a function of compressive strength. The model accuracy was further enhanced when discriminating based on the LFS type and introducing concrete age as a predictive variable. With all these considerations, the average deviations between the estimated and experimental values of 1–3% and the maximum deviations of 4–7% were reached, as well as R2 coefficients of up to 97%. These aspects are central to the further development of LFS concrete models.