This is a 3 piece outfit which Elizabeth can be seen wearing in episode 11 of season 5 where Elizabeth and Phillip break into the old couples house for revenge of attrocities they took part in during the war.
It consists of a pink Ship n Shore shirt, a small woolen sweater (I can't read the brand from the tag) and size 38 gray pants made by Trevira. All itema appear to be authentic 80's wear, but I can't verify that.