Since the word ‘element’ means first principle, spiritually this can mean the creator.
The elements fire, air, water and earth are the first principles of creation.
The chinese way of thought includes metal as the fifth element. It is these core meanings that come across in dreams.
Psychological / emotional perspective: Water is the element most strongly associated with emotion and tends to have this significance in dreams. Air represents intellect. In magical terms each element has its own significance and direction. It is these correspondences that may first appear in dreams.
Material aspects: Fire represents energy and power and earth represents stability. In dreams, therefore, where these elements are prominent, we are often considering how best to use these qualities within a particular situation.