Green’s Dictionary of Slang

extreme elegance, used lit. and ironically.

1978		A. Maupin Tales of the City (1984) 147: What can I tell you, Mona? It was sheer piss-elegance!
1988		H. Max Gay (S)language 32: Piss-elegant—exaggerated fashion-consciousness.
2017		T. Spicer Good Girl Stripped Bare 197: At university, I sucked a bag of goon from the spout until it was a crumpled corpse. Two litres, not four: piss-elegance personified.