The actress and singer was hailed as the only possible contender for the champion of champions title after series favourite Ray Quinn, but following a mistake filled skate-off with former rugby player Kyran Bracken, Suzanne said goodbye to the ice.
For her main showcase routine Suzanne and professional partner Matt Evers performed a sulty dance to Alannah Myles' Black Velvet, earning 37 point out of a possible 40 from the ice panel.
"I felt absolutely all of that," said Karen Barber. "I loved it, it was brilliant."
Ashley Roberts added: "That was sultry, sexy and sizzling."
Despite their high marks and place on the leaderboard, Suzanne and Matt were put at risk of the skate-off after being part of the losing group in a battle of the sexes.
In a girls versus boys competition, the celebrities were pitted against one another for a chance to double their points.
Suzanne joined Hayley Tamaddon and Beth Tweddle in an ancient Egyptian themed routine, while Ray, Kyran and Sam Attwater danced to Billy Joel's Uptown Girl.
The judges decided the boys skated a better routine and therefore elevated each of their places on the leader board.
Following the skate-off, it was a clean sweep for Kyran with all four judges deciding he gave the better performance.
That was sultry, sexy and sizzling.
Ashley Roberts to Suzanne Shaw
Speaking to hosts Phillip Schofield and Christine Bleakley after her elimination, Suzanne, who had never experienced a skate-off before, said: "I really wanted to make it to the final but we didn't quite get there.
"This has been an absolutely amazing experience."
Meanwhile it was a night of high scores for all the celebrities with Kyran earning 33 points for his routine with partner Nina Ulanova.
"You are definitely coming out of your shell, I want to see more of it," Ashley told him.
Nicky Slater said: "The two of you are amazing together. That was a beautiful performance."
Beth Tweddle opened the show with partner Lukasz Rosycki, dancing to Can't Stop The Beat from the musical Hairspray.
After receiving 34 points, Karen told her: "That was very well deserved, you are not afraid to try new things and for me you definitely tick every box"
But while judge Jason Gardiner praised their performance, he told Beth she was very "hit or miss" on the ice.
Hayley Tamaddon had another strong week earning 34.5 points with partner Dan Whiston.
That, my boy, is dancing on ice.
Jason Gardiner to Ray Quinn
Dancing to X Factor winner Sam Bailey's Skyscraper, Ashley said they had "such chemistry" together and praised their "commitment and engagement".
"That was incredible," added Jason. "That was very emotive."
Sam Attwater was feeling confident following his upbeat performance to Pharell's Happy for which he received 37 points.
Nicky said: "Super performace, the vibe fitted the music."
But it was once again Ray Quinn who stole the show with partner Maria Filippov, earning full marks from the judges for their dance to Ed Sheeran's Lego House.
"You both skate as equals," Karen told them.
Ashley said: "That was so gorgeous and so beautiful."
Jason added: "You don't require any big tricks or lifts - you are simply sublime to watch."
Dancing On Ice returns to UTV on Sunday from 6.15pm.