Those are both standard formats, Reel.
1920x1080 is high-definition video and 720x576 is standard definition PAL video.
However, if you're talking about creating a video that is taller than it is wide, that's not available in Premiere Elements.
As I said I need 9x16 aspect aka taller than wider video.
It is always so nice when corporations decide what you need instead of letting people to choose what they actually want.
PrE has far enough editing capabilities for my need but if I can't create custom sized videos I have to look for some other software that can.
Yes, for that you will need a professional program, like Premiere Pro or Premiere CC.