AE and PPE don't interact in any way directly, so they don't care about one another. You can of course import clips rendered from AE into PPE, but that's as far as it goes. Otherwise they are totalyl independent.
thanks just curious I am going with the creative cloud anyway.
It's been a few years since this question was posed. Will After Effects work with Premiere Elements 14?
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The situation hasn't changed. If you want this kind of interactivity, use Premiere Pro and not Premiere Elements.