The Avada Slider Element simply allows you to place Avada sliders anywhere on your site. First create your Avada Slider, and add you slides at Avada > Sliders. Then, just add the Element to your desired Column.
Once the Element has loaded, you simply select your slider from the drop down list in the Element options panel. The only other options are a couple of Height options, and the visibility, CSS Class and ID field options.
Read below for a description of all element options.