In a bowl, combine soup mix and water; let stand for 15 minutes.
Add preserves, salad dressing, brown sugar and vinegar; mix well.
Place elk in a greased 13 x 9-inch baking dish. Sprinkle with salt and pepper. Pour apricot mixture over the elk. Cover and bake at 350 degrees F for 45 minutes.
Uncover and bake 30 to 40 minutes longer or until meat is fork-tender.
Serve over rice.

Yields 4 to 6 servings.