According to the instructions included with the program, support for DVD camcorders is as follows:
1) Finalize your DVD disc in your camcorder.
2) Remove the DVD from your camcorder and put it in your computer's DVD drive.
3) Start a Premiere Elements project that's set up for standard definition Hard Disk Camcorders. (The correct project settings is very important!)
4) Use Premiere Elements' Get Media tool for DVD Camcorders or PC DVDs to browse to your disc drive and rip the video files to your computer and into your project.