Thank you for looking. I found that too, but irritatingly the option to change the cache location is missing from Premiere Elements 9 and 10 (my colleague uses version 10).
Here is a screenshot from the Web showing how in Pro you can move the media cache location:
Why is this missing from Premiere Elements? Perhaps there isn't a way round this after all...
The answer is that you need Premiere Elements answers for Premiere Elements questions.
The conformed audio files (cfa and pek) are stored in the Media Cache Files Folder. By default, that folder is found in Windows 7, 8, or 8.1 64 bit.
Libraries/Documents/Adobe/Premiere Elements/10 (if 10 is your version). You set the save location for the Media Cache Files Folder in Premiere Elements Editor workspace Edit Menu/Preferences/Scratch Disks and the "Media Cache" category.
The conformed video files (mcdb) are can be accessed via the Premiere Elements Editor workspace Edit Menu/Preferences/Media and its Media Cache Database area. There you will find a Clean up to clear them and set limits. The actual files (which have a .mcdb file extension) can be found via the path shown in that area. This appears to be an unchangeable location.
Preview files from rendering of Timeline content to get the best possible preview at play back of the Timeline content in the Edit area monitor are stored in the Adobe Premiere Elements Previews File Folder. By default, that folder is found in Windows 7, 8, or 8.1 64 bit Libaries/Documents/Adobe/Premiere Elements/10 (if 10 is your version). You set that save location for the Adobe Premiere Elements Elements Previews File Folder in Premiere Elements Editor workspace Edit Menu/Preferences/Scratch Disks and the Video Previews category.
Please let us know if you are now clear about Premiere Elements and how it relates to Media Cache et al.
Please ask if any further questions on this or need clarification.
ATR: you are a legend. Thank you SO much for this, I can't believe I missed it but I have managed to move the cache folder from the SSD.
Thanks for the update with the great news of success with the Media Cache Files Folder and SSD pile ups.
Also, keep a watch on the Adobe Premiere Elements Previews File Folder and pile up of those preview files.
For SD project, the preview files are DV.AVI (whether from a video or still Timeline render); for HD projects, the preview
files are MPEG2.mpeg with a companion xmp (whether from a video or still Timeline render).
Best wishes moving forward with your Premiere Elements projects.