Katie Holmes in Elie Saab Couture | 2012 Vanity Fair Oscar Party

Katie Holmes and her husband Tom Cruise were back to their full “power couple” potential on Sunday night as they made an appearance at the Vanity Fair Oscar Party following the 84th Annual Academy Awards ceremony.

Tom looked so much young with his newly cropped ‘do and I loved the dark shade of his dapper suit. He perfectly complimented Katie, who was dazzling in a strapless sapphire chiffon gown with a velvet waistband and an embellished bodice from the Fall/Winter 2011 haute couture collection by Elie Saab.

She was stunning — really and truly stunning, I adored this gown on her. Saab’s designs are a dream already, but Katie was truly flawless in this dress with her long dark hair partially gathered leaving her full bangs on display.

The 33-year-old actress completed her look with pretty make-up, a Lanvin clutch, her own jewels and a pair of Chanel heels.