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There is no automatic way to do this in Premiere Elements. You simply have to zoom in on your timeline and line up the waveforms.
BTW, you will find the program performs 100% better if you use WAV files rather than MP3s in your projects.
Thanks for the WAV file tip. I zoom in as far as I can (unless I'm missing something) and I rarely see the waveform. The attached graphic shows one of the tracks as a very "low resolution" waveform (I see no way to accurately line up tracks using this waveform). I hoped to use "detect beats" on both tracks to, at least, get close. Is there a way to expand the waveforms vertically so I can actually see the waves and align them? I'm trying to align Audio 1 and Audio 2. This is what I see: