Render Elements are a way to break out renders into their component parts such as diffuse color, reflections, shadows, mattes, etc. This gives fine control over the final image when using compositing or image editing applications to re-assemble the component elements. Render elements are also sometimes known as render passes.
Render elements appear in the Vthe V-Ray Frame Buffer (VFB) and can be viewed from the drop-down at the upper left corner of the VFB. They can also be saved out of the VFB as many common file formats.
Render elements are generated at render time based on the user's selection before rendering. Most render elements have parameters that can be customized to further assist the composting process. These parameters are described on each render element's individual page.