This paper investigates two different temporal finite element techniques, a multiple element (h-version) and single element (p-version) method, to analyze the stability of a system with a time-periodic coefficient and a time delay. The representative problem, known as the delayed damped Mathieu equation, is chosen to illustrate the combined effect of a time delay and parametric excitation on stability. A discrete linear map is obtained by approximating the exact solution with a series expansion of orthogonal polynomials constrained at intermittent nodes. Characteristic multipliers of the map are used to determine the unstable parameter domains. Additionally, the described analysis provides a new approach to extract the Floquet transition matrix of time periodic systems without a delay.