Ed.R. makes a valid point about truss elements, but only depending upon your software (hence, I imagine, the "special considerations" that Ed.R. mentions). Beam elements are appropriate in certain software packages, but you have to be careful how the beams consider the rotational degrees of freedom.
If I think about it, I guess it depends on whether you are trying to use a single beam element to represent the catenary, or a series of smaller elements. For a single element, the truss clearly would NOT work, but for a series of much shorter elements, the lack of rotational degrees of freedom in the truss elements may better represent the catenary. If you go with beam elements, make sure to release the Rotational DOF's if you are trying to use a series...at least, that's the thoughts off the top of my head.