The same rule of less is more applies to indoor decorating for your party, as well. The first place to start is to give your Christmas tree a makeover -- no tinsel or colored lights this year.
Start by choosing your color palette. Limiting it to one or two colors is best to achieve the elegant look you're going for. Get the largest tree you can fit into your space and start wrapping it with white lights. Then, choose one or two of the same ornaments to repeat throughout the tree. Choose coordinating schemes for your mantel and tablescape and keep the rest of the decorations to a minimum.