In an elastic collision between two balls X and Y, the conservation of momentum and energy principles apply, indicating that the total speed before and after the collision remains constant. The discussion revolves around determining the correct equation representing this relationship, with participants suggesting that Ux - Uy = -Vx + Vy is the appropriate formulation. The reasoning emphasizes treating velocities as positive numbers and considering their directional signs. The consensus highlights that in elastic collisions, the overall speeds are equivalent before and after the event. Understanding these principles is crucial for analyzing elastic collisions in physics.