Unfortunately, there isn't really a whole lot to tell, since all that really can be known about them comes from how they interact with us.
To make a short story even shorter, the Elves are the beings who bring luck, either good or bad. Have a long winning streak? Something you did pleased an Elf. A long losing streak? Some Elf doesn't like you.
So, from the standpoint of the consensus of scientific rationality(which cannot acknowledge their existence), they might be regarded as a scapegoat for the random good and bad things that happen to us individually that don't seem to have any human agency behind them.