The troubled star - who will portray the iconic actress in new TV movie 'Liz and Dick' - was given the piece of costume jewelery with a motivational letter from the screen legend before she died and is delighted to have a "connection" to her.
She said: "I treasure it. It came with this beautiful note handwritten by Elizabeth Taylor, which was very encouraging about my work - and that work is something I should concentrate on.
"It's a costume ring. It has cognac-coloured stone with precious stones set around it. After I was sent it, I put the ring and the letter in a safe place so I wouldn't lose it.
"But I took them out recently when I was asked to portray her. It's a tiny connection to her."
Martin Sheen visits his friend President Michael D Higgins in the Aras – VIDEO
Robert Pattinson and Kristen Stewart's sweet PDA leaked on Facebook
Liam Neeson set to play President Lyndon Johnson in new movie .....Oprah, John Cusack also expected to star
Earlier this week, Lindsay was praised by Judge Stephanie Sautner for her efforts in court-ordered community service - part of her sentence for breaching probation - and with the punishment scheduled to come to an end next month, the 25-year-old star is looking forward to getting back to work and has promised to be more disciplined than ever.
She told the Daily Mail newspaper: "I'm happy about what happened [in court this week]. I realise how important it is not to muck this up. This is my chance to get on with my life.
"I like the structure [of being on a film set]. You have to be there in the morning so that means you can't go out the night before.
"I've learnt a lot of lessons and that's one of them."
The strange history of the Nazi plans to invade Ireland