The prophet (Saw) has not explicity encouraged the kissing of hands and feet of the eledery and respected, but he has allowed it - as long as there is no risk of it being interpreted as shirk.
In Tirmidhi we find: وعن صفوان بن عسال رضي الله عنه قال: قال يهودي لصاحبه: اذهب بنا إلي هذا النبي صلى الله عليه وسلم الله عليه وسلم فأتيا رسول الله صلى الله عليه وسلم ، فسألاه عن تسع آيات بينات؛ فذكر الحديث إلي قوله: فقبلا يده ورجله، وقالا: نشهد أنك نبي. ((رواه الترمذي وغيره بأسانيد صحيحة)).
A Jew asked his companion to take him to the Prophet (ﷺ); and when they came to the Messenger of Allah (ﷺ), they asked him about the nine clear signs (given to Prophet Musa). Safwan narrated the long Hadith which concludes: They kissed the hands and feet of the Messenger of Allah (ﷺ) and said: "We testify that you are a Prophet."
the fact that the Prophet (saw) did not tell them off for this, means it is allowed. THe hadith for kissing feet are few in number, so it could be argued that this be avoided, but for kissing the hands, there are many hadiths and this is fine. Even Imam Muslim brings such hadiths in his book riyad as saliheen, quoting from abu dawood:
وعن ابن عمر، رضي الله عنهما، قصة قال فيها: فدنونا من النبي صلى الله عليه وسلمى الله عليه وسلم الله عليه وسلم فقبلنا يده" ((رواه أبو داود)).
In a narration of Ibn Umar (May Allah be pleased with them) at the end of the narration of the Hadith ) he said:
"We came near the Prophet (ﷺ) and kissed his hand."