What is it you're trying to match? One video is in color and the other is in black & white?
If you're trying to get a similar color tone in both videos, you can try using the same FilmLook effects on each.
I downloaded a video that is in black and white (pitbull's feel the moment). I want to superimpose videos and pictures so that it looks like my clips were the ones used originally. i was messing around with the hue (from my videos) and managed to get it similar. But is there a way to automatically match the tones and hues of one video so that it can be used on the other?
There's no automatic tool for this in Premiere Elements. Sorry.