Different elastic properties of Pd-based Pd64Fe16P20 have been computed using two different forms of pseudopotential. Both the forms differ within the core region suggesting different degrees of orthogonalization and its r-dependence, while outside the core both preserves the Columbic nature. The only parameter, the core radius, separates these regions, and it is calculated using the realistic assumption based on the nearest neighbor distance. Further, five different forms of the local field correlated functions, namely, Hartree (H), Taylor (T), Ichimaru and Utsumi (IU), Farid et al. (F) and Sarkar et al. (S) are examined for better understanding regarding the screening effect on different elastic constants for Pd64Fe16P20 bulk metallic glass. The calculated results for the various elastic moduli, Poisson's ratio, sound velocity and phonon dispersion curve are all found to be in general agreement with the available experimental data. This confirms the applicability of the model pseudopotential to bulk metallic systems.