Radiologists produce unstructured data that could be valuable for clinical care when consumed by information systems. However, variability in style limits usage. Study compares performance of system using domain-adapted language model (RadLing) and general-purpose large language model (GPT-4) in extracting common data elements (CDE) from thoracic radiology reports. Three radiologists annotated a retrospective dataset of 1300 thoracic reports (900 training, 400 test) and mapped to 21 pre-selected relevant CDEs. RadLing was used to generate embeddings for sentences and identify CDEs using cosine-similarity, which were mapped to values using light-weight mapper. GPT-4 system used OpenAI's general-purpose embeddings to identify relevant CDEs and used GPT-4 to map to values. The output CDE:value pairs were compared to the reference standard; an identical match was considered true positive. Precision (positive predictive value) was 96% (2700/2824) for RadLing and 99% (2034/2047) for GPT-4. Recall (sensitivity) was 94% (2700/2876) for RadLing and 70% (2034/2887) for GPT-4; the difference was statistically significant (P<.001). RadLing's domain-adapted embeddings were more sensitive in CDE identification (95% vs 71%) and its light-weight mapper had comparable precision in value assignment (95.4% vs 95.0%). RadLing system exhibited higher performance than GPT-4 system in extracting CDEs from radiology reports. RadLing system's domain-adapted embeddings outperform general-purpose embeddings from OpenAI in CDE identification and its light-weight value mapper achieves comparable precision to large GPT-4. RadLing system offers operational advantages including local deployment and reduced runtime costs. Domain-adapted RadLing system surpasses GPT-4 system in extracting common data elements from radiology reports, while providing benefits of local deployment and lower costs.