"We do not consider them to be democratic elections by any means," Shalom said at a news conference with the visiting Austrian foreign minister on Sunday.
"Faced with the Iranian nuclear threat, the international community must, more than before, formulate a unified and stern policy towards Iran."
Shalom also called on the UN Security Council to "take the (nuclear) matter into its own hands".
He didn't propose any specific measures.
Israeli Defence Minister Shaul Mofaz - himself Iranian-born - said the election indicated the end of any Iranian reform process and the return of the radical religious policies of the past.
"The election of the most extreme and conservative of the candidates means that all the centres of power in the country are now occupied by the most extreme groups," Mofaz told a group of students of Iranian origin at Tel Aviv University.
"Israel demands that Iran, under its new leadership, not support global terrorism, and not continue to aggravate the Israeli-Palestinian dispute," he added.
"We would expect that Iran would cease supporting, abetting and financing terrorist organisations, led by (Lebanese group) Hizb Allah and Hamas, who act against Israelis."