The Avengers actress, 46, was draped in white and gold for the exclusive Valentino catwalk show on Wednesday – to which only a handful of lucky celebrities get an invitation.
Paltrow wore a floor-length dress with plunging neckline and finished the look with a gold chain necklace and chunky belt.
She styled her blonde hair in loose waves, complemented by natural make-up.
Her look was reminiscent of the iconic model Lauren Hutton who posed in a strikingly similar outfit at the 1975 Oscars ceremony.
Hutton, now 75, returned from a two-year break from modelling to walk the runway.
The show featured a moment of high drama when Hutton, wearing brown suede high-heeled boots, tripped and took a tumble on the cat walk.
Meanwhile, Paltrow appeared to have bounced back from negative criticism earlier this week involving her UK “wellness” summit.
In Goop Health – for which tickets cost as much as £4,500 – left some complaining the prices were “extortionate”.
But she looked in high spirits as she watched from the front row of the prestigious haute couture event, sitting with Naomi Campbell and designer Valentino Garavani himself.
Just opposite, fashion designer Christian Louboutin sat with music icon Celine Dion and English actress Kristin Scott Thomas.
The My Heart Must Go On singer, 51, wore a white feathered mini dress with beaded detail for the occasion.
Dion has been lauded for her eye-catching and risque outfits over the past few days.
For one show, she stunned onlookers in a graffiti-style Chanel bodysuit, which showed off a pair of enviably toned legs.
Scott Thomas, 59, also looked radiant in an all-white ensemble.