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."
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."