In elastic deformation the object returns to its original length when the load is removed. In plastic deformation it does not: it stays permanently longer. The elastic limit is the largest load (or stress) for which the object still returns to its original length.
The elastic limit is usually a little beyond the limit of proportionality. Between the two, the graph is no longer straight but the wire still goes back to its original length.
The area under a force–extension graph is the work done in stretching. Within the limit of proportionality the graph is a straight line through the origin, so the area is a triangle and all of this work is stored as elastic potential energy.