The project, which will follow a contemporary Holmes (Miller) in modern-day New York, has been compared to BBC drama Sherlock.
Miller told Vulture that he is aware of the comparisons, saying: "You obviously look at it and say, 'Wait a second ... ' - but I feel there's enough differences there. I thought I could do something with it; otherwise, there'd be no point."
The 39-year-old English actor described Elementary - which will also star Lucy Liu as Watson - as "a great project" and "a good opportunity".
"We just shot the pilot," he confirmed. "We're still waiting to hear what happens with it. We're not sure yet, we're taking it slowly."
Sherlock star Benedict Cumberbatch recently insisted that he is not "bitter" about Elementary.
"[Their show will] be different and I don't think it'll take away the love for ours, and there's no reason to be churlish or bitter about them or what they're trying to do," he argued.
A third series of Sherlock is expected to begin filming in early 2013, while Elementary is a strong contender for the CBS 2012-13 television season.
> Sherlock Lara Pulver: 'Cumberbatch, Freeman are naughty boys'
Photo gallery - 'Elementary' pilot shoot in New York: