Ellice showed his class in the run, coming home 30 seconds ahead of Reid in 24m 48s. Both athletes are at the Mount this week working in a triathlon camp environment run by Team Shorebreak Inc.
Third was local triathlete Andrew Lloyd.
The women's race ended closely, Maia Bryant holding off McFall in the run to give the young surf lifesaver the win by just five seconds.
The masters section provided some close racing, as usual. Ironwoman athlete Debbie Clark took the women's honours from Jo Tisch and Claire Bentley.
In the men's, Mark Anderson won with Matt Jordan second and Graeme Pearson third.
Race four in the swim series is today, with registrations at Pilot Bay from 5.30pm and the briefing at 6pm. Racing begins shortly after in three divisions.