Elizabeth Graeme Fergusson, or Betsy Graeme; (February 3, 1737 – February 23, 1801) was an American poet and writer, known for The Dream (1768). She held literary salon gatherings called "attic evenings", based upon French salons. Her attendees included Jacob Duché, Francis Hopkinson, Benjamin Rush, and her niece, Anna Young Smith. She wrote poetry and a wide range of works, taught writing, and mentored women writers, like Annis Boudinot Stockton and Hannah Griffitts.

After her sister Jane's death, Elizabeth raised and educated her niece Anna Young Smith and her nephew. She also raised her sister, Ann Graeme Stedman's, children after her death.

In 1772, she married a Scotsman, Hugh Henry Fergusson, who spent much of their first five years of marriage abroad. When he returned to the Philadelphia area by September 1777, Elizabeth asked General George Washington to give him a pass so that he could return to her at her estate, Graeme Park. Denied, Fergusson accepted the offer of General William Howe, Commander of the British land forces, to be a commissary to patriot prisoners in Philadelphia. He was charged with treason and banned from America. Elizabeth decided to stay in Pennsylvania and her estate was confiscated for her husband's treasonous activities and her attempts to get Washington to give up the war and have the colonies enter into a peace settlement.

Elizabeth Graeme, the sixth of nine children born to Dr. Thomas and Ann Diggs Graeme, spent much of her youth at Graeme Park, the family estate in Horsham, Pennsylvania, located outside of Philadelphia. Her mother, Ann Diggs, was the stepdaughter of colonial governor William Keith. Ann educated Elizabeth, teaching her to read and write, needlework, and social graces. Her father taught her Latin, German, and Greek. He also shared his impressions of the Scottish Enlightenment. She was taught French by a tutor in Philadelphia and also learned Italian. Elizabeth was rare among other colonial girls for receiving an education in the classics. Although there were no public schools for children, she was among upper-class Quakers, who were more likely to make a good education available for girls. Beginning at age 15, Elizabeth wrote to entertain her readers. She shared her works — like songs, vers de société, witty yarns, and travel chronicles — with her friends.

Elizabeth was engaged to Benjamin Franklin's son William in 1757. The father and son went to England and Elizabeth's relationship with William ended in 1759, as desired by both families.

After the death of her sister (Jane), Elizabeth became the guardian and educator of her niece, Anna Young Smith, and nephew. Elizabeth encouraged the poetic talents of Anna, introducing her to the literary circles of Philadelphia. Anna's poem An Ode to Gratitude was dedicated to Elizabeth as a sign of her gratefulness.

In 1764, Elizabeth traveled to London at the urging of her mother, whose health was failing. Another reason to travel to London, was to lift her spirits from the recent breakup. There until 1765, she met esteemed literary and scientific people. In London, Elizabeth met Laurence Sterne and King George III. While she was in England, she kept a travel journal, which was later circulated and read among her peers in Philadelphia.

While in England, Elizabeth learned that her mother died on May 29, 1765. Back at Graeme Park, Elizabeth assumed the role of female head-of-household. Ann Graeme Stedman, her sister, died soon after their mother, and Elizabeth raised Ann's children. Elizabeth was then her father's lone surviving child.