There's really very little benefit in doing this. At best, you'd just be garbage collecting a reference to the plot, which is essentially a pointer or 4 bytes. Then each time you replot you'll incur the cost of traversing the DOM to locate the #placeholder div. It's a tradeoff between performance and memory. In this case I would personally just keep the reference since it's a tiny amount of memory.
To answer your question, the plot object is attached to the #placeholder element in the "data" field with the key "plot."
// Excerpt from jquery.flot.js:
placeholder.data("plot", plot);
Refer to the jQuery documentation here:
http://api.jquery.com/jquery.data/You can retrieve the plot object with the following:
plot = $.data($("#placeholder"), "plot");