IN THE PINK - ELEGANTLY.

Byline: Story by Barbara De Witt Fashion Editor

Everybody said she should wear pink - from fashion arbiter Mr. Blackwell to professional trend spotters - and ``Shakespeare in Love'' star Gwyneth Paltrow heeded their advice.

Arriving with her parents, Bruce Paltrow and Blythe Danner, in an elegant bubble gum pink taffeta ball gown by American designer Ralph Lauren, Paltrow epitomized Young Hollywood - without fur, feathers or cleavage.

She glided onto Oscar's red carpet at the Music Center's Dorothy Chandler Pavilion, never tripping, always smiling, and waving to the fans. Like several other stars, Paltrow went for the Cinderella look, with her hair pulled back into a knot that emphasized her elegant bone structure. Those fab diamonds - a pair of star-shaped studs on her ears, a choker necklace and more glitter on her wrist - were on loan from Harry Winston.

Diamond bracelets were a hot trend at the 71st Academy Awards. Jennifer Lopez, a total class act, wore one with her black strapless gown with delicate beading around the bodice. Although she didn't announce who her dress designer was, she told Oscar announcer Army Archerd her jewels were from Harry Winston.

Drew Barrymore, in a deep wine-colored dress, also had a dazzling bracelet that sported a giant jeweled butterfly. ``No, they're not Winston. It's fake!'' she shouted to the press.

Also looking pretty in pale pink was Geena Davis, who finally has learned to go for the classics instead of can-can girl costumes. She, along with ``Mask of Zorro'' co-star Catherine Zeta-Jones, who wore a stunning red beaded gown by Versace, were runners-up in the best dressed category.

``Elizabeth'' star Cate Blanchett looked demure from the front in what appeared to be a simple plum crepe sheath by Galanos, but she wowed the crowd when she turned around. The entire back was made of sheer tulle and embroidered with hummingbirds.

The sirens of the evening were surprises - with Rita Wilson in silver sequins by Randolph Duke and Helen Hunt looking oh-so-sultry with super-straight hair, really smoky eye shadow and a clingy Gucci gown that showed her bare back. The neckline and straps sparkled with giant emerald-cut gemstones in silver, pink and green.

Cutest couples? Well, there was Laura Dern in a black Badgley-Mischka gown on the arm of Billy Bob Thornton ... Liv Tyler in a strapless lilac gown by Pamela Dennis with dad Steven Tyler (who looked like the aging rocker he is) ... Kevin Costner in Armani, who brought his daughter Ann and snapped pictures of her with his little throwaway Kodak camera ... and, of course, Ellen DeGeneres in a white silk tuxedo by Richard Tyler and Anne Heche in a pale green gown by Cerruti.

Fashion awards usually are reserved for the very young, but Meryl Streep looked gorgeous in a fairy tale gown of silver sequins on champagne chiffon, and Sophia Loren had fans yelling ``bellissima'' when she arrived in a well-cut black Armani gown and a diamond bracelet.

This was one of the prettiest parades in recent years, but there's always a fashion faux pas or two. And this year it was a pair of vocalists. Mariah Carey looked like a tart in a too-tight '40s halter gown by Lorraine Scott, and Celine Dion (who was fab last year) wore a white Dior tuxedo jacket (backward) and a white hat that some said made her look like a pimp. But somehow she camped it up and it sort of worked.

Men's fashions were tame this year, with most of the guys in traditional tuxedos with pleated-front shirts and black bow ties. There were a few in the newer black shirt and long black tie, but the freshest trend was a long silver tie worn with either a black or white shirt, and Ian McKellen looked best in it.

FASHION EXTRA

The hottest colors were pink, red and silver - and they made basic black look so five minutes ago.

Oscar hair? Long and straight or pulled up in a bun, accented with Mellies Sparkles or diamond hairpins.

The hottest handbags? Little jeweled numbers called minaudieres. Lynn Redgrave carried an adorable butterfly, while others toted cameras, apples, hearts and even the Pink Panther by designers such as Judith Leiber and Kathrine Baumann.

Bow ties ranged from tiny butterfly sizes to huge '70s two-tone models, but Val Kilmer one-upped everybody with a western-inspired string-style bow.

Those sunglasses Celine Dion wore were diamond-studded Ray Bans.

Army Archerd showed his fashion savvy with black velvet opera pumps, but most of the guys wore boring black oxfords, and some even had wing tips.

CAPTION(S):

9 Photos, Box

Photo: (1--Color) Steven Spielberg, left, Matt Damon and Ben Affleck were tame in traditional tuxedos with black bow ties.

(2--Color) Catherine Zeta-Jones was stunning in a red Versace gown accented with beading.

(3--Color) Celine Dion passed on glamour and wore pants with her jacket on backward - plus a hat and star-studded sunglasses.

(4--Color) Hollywood's favorite couple was a hit on the red carpet, and Rita Wilson's silvery gown by Randolph Duke got lots of applause.

(5--Color) Mariah Carey worked the Oscars arrival carpet in a '40s-inspired dress that showed way too muchcleavage.

(6--Color) Reigning over Oscar's red carpet was Gwyneth Paltrow in a bubble-gum-pink ball gown by Ralph Lauren, accompanied by her father, Bruce Paltrow.

(7--Color) Geena Davis is usually a miss, but this year her pinky-peach gown made her a hit with the fashion police and press.

(8--Color) Cate Blanchett wore a Gallianos gown that featured embroidered hummingbirds and flowers.

(9--Color) Helen Hunt had the best back - and showed it off in her bejeweled Gucci gown.

Photos by Tina Gerson & John Lazar

Daily News

Box: FASHION EXTRA (See text)