To improve the performance of a reversible rotation herringbone journal bearing (Rev-HGJB), this study uses reversible elliptical grooves on a journal bearing (Rev-EGJB) and numerically analyzes its characteristics, utilizing the spectral element method. Load capacity, pressure distribution, power loss, and dimensionless radial stiffness of the Rev-EGJB are compared with those of the Rev-HGJB. This comparison shows that the introduced Rev-EGJB exhibits a higher load capacity and a lower power loss than the Rev-HGJB. The pressure region in the Rev-EGJB is higher than that in the Rev-HGJB, which is achieved not only in the pressure-generated region, but also in the pressure-restored region. The load distributions of the Rev-HGJB and Rev-EGJB are also compared in order to determine how the elliptical grooves enhance the load characteristics. The optimum groove parameters of the Rev-EGJB at an eccentricity of 0.1 are investigated by studying the groove parametric matrix, which is given by taking several values in the effective range of each groove parameter. Ultimately, the radial stiffness of the Rev-EGJB with grooved bearing was also shown to be greater compared with that of a Rev-HGJB with optimum geometry; thus, the Rev-EGJB is more stable than the Rev-HGJB when the bearing is grooved.