It is unsure whether Elves actually existed in the Myth world or not. However, since there are Dwarfs in the Myth world, it would make sense that the Elves would be in existence beyond the Untamed Lands. The Elves are more Wooded and do not mimic the Elves of J.R.R. Tolkien's Lord of the Rings. The Elves of Myth are featured in numerous plugins with the most famous one being The Seventh God.
Among the many mirad of units are female elven archers, elven mages, and elven guardsmen. It is unknown who acutally ruled the Elves, but whoever did must of had powers that rivaled the Avatara.