I think Myk Habets provides a good summation of how an Evangelical Calvinist (Thomas F. Torrance) thinks of election:
One of the distinctive features of a Reformed doctrine of election is the recurring instance that election ‘is christologically conditioned.’10 Following Calvin, Torrance claims that Christ is the ‘cause’ of election in all four traditional senses of ‘cause’: the efficient and the material, the formal and the final. ‘He is at once the Agent and the Content of election, its Beginning and its End.’11 Election proceeds from the eternal decree of God but this eternal decree of election assumes in time once and for all the form of the wondrous conjunction of God and humanity in Christ.12 The hypostatic union is the heart of any understanding of election as Torrance makes clear when he writes, ‘How are we to relate God’s action to our faith? The secret of that is seen only in the God-manhood of Christ, for that is the very heart of election, and the pattern of our election, and is visible only there since it is election in Christ.’13 (Myk Habets,”The Doctrine of Election in Evangelical Calvinism: T. F. Torrance as a Case Study,” Irish Theological Quarterly 73 (2008) 336)
What this illustrates is that the Evangelical Calvinist still speaks of election, even in Classically Reformed terms; but instead of grounding election in Creation (as the Classic approach does, by way of “decree”), it is based in Christ.