We study the bi-embeddability and elementary bi-embeddability relation on graphs under Borel reducibility and investigate the degree spectra realized by this relations. We first give a Borel reduction from embeddability on graphs to elementary embeddability on graphs. As a consequence we obtain that elementary bi-embeddability on graphs is a analytic complete equivalence relation. We then investigate the algorithmic properties of this reduction to show that every bi-embeddability spectrum of a graph is the jump spectrum of an elementary bi-embeddability spectrum of a graph.