Elizabeth Aspinall received her Bachelor of Science in Biology, with a minor in Communications Studies, from the University of Calgary in 1993. She then completed a Bachelor of Arts, earning a position on the Dean's List for academic excellence, and a Master of Arts in English Literature. The focus of her Master's thesis was gender constructions and subjectivity in sonnet sequences written during the Renaissance period. While completing her Master's Degree, Elizabeth received various scholarships and awards, including a scholarship to travel to memorial University in Newfoundland to present at the Congress of Learned Societies.

Following completion of her Master's Degree, Elizabeth attended the University of Calgary law school, graduating in 2001. She received the Alberta Law Foundation Bursary and the University of Calgary Board of Governors Bursary while at law school. During law school, Elizabeth participated in the mooting program, was a senior editor of the Alberta law Review in 2000, and was the publication's Editor-in-Chief in 2001. Elizabeth completed the final semester of her law degree at Macquarie University in Sydney, Australia. While at Macquarie, she wrote a thesis comparing aboriginal rights and native title in Canada and Australia.

Elizabeth is the co chair of the Personal Injury Subsection of the Canadian Bar Association-Alberta. She has served as a volunteer facilitator with the Legal Education Society of Alberta's "CPLED" Bar Admission Course. As a member of the Law Day organizing committee in 2002-2004 she co chaired the subcommittee which organized the High School Mock Trial Competition. Between 2008 and 2013, she sat on the board of Strathcona Tweedsmuir School's alumni organization and has volunteered with that organization since 1990. In 2004 and 2005, she was a member of the CIBC Run for the Cure's organizing committee. Between 2007 and 2009, she volunteered as a coach of the University of Calgary's Court of Appeal mooting team. She is a member of ACTLA, the Association of Women Lawyers, as well as the Canadian and Calgary Bar Associations.

Elizabeth enjoys all types of physical activity, including snowboarding, ski touring, snow shoeing, hiking, running, horseback riding and mountain biking. She also enjoys gardening and is completing her Master Gardener's certificate.