Thank you for the reply Bob, but this is why I bought premiere 13 so I could do this kind of editing (remove fisheye) and other things. Guess it's not the program I thought it would be. Thank you for your advice though.
The question that you present has been asked before Premiere Elements. And, the answer is the same for Premiere Elements 13 and earlier, you need to go to 3rd party software for the fisheye removal before import into the Premiere Elements project.
What is your computer operating system? From what I have read, even in Premiere Pro, the order of the day goes to 3rd party software for the user of Premiere Pro Mac. I think that there is a fisheye correction possible within Premiere Pro Windows. And, there are numerous 3rd party software for removal of GoPro fisheye (even how to from GoPro)..
Where did you get the idea that there was a fisheye removal feature within Premiere Elements 13?
Do you have Photoshop (Photoshop, not Photoshop Elements) that might include the fisheye removal option as described in the above link?