What version of Premiere Elements are you using and on what computer operating system is it running?
Where do you want to use these photos that you want to reduce in pixel dimensions - a Premiere Elements project or other? Are you aiming for SD or HD project?
What are the pixel dimensions of the original photos that you want as 1024 x 768 which has a 4:3 frame aspect ratio? How many of these photos are to go into assumed Premiere Elements project?
Depending on your answers, you may not have to do anything but import the photos into a new NTSC or PAL DV Standard project with the preference Default Scale to Frame Size disabled.
Please review and consider and supply more information. If it comes to you needing just to resize original 4:3 to reduced 4:3, then you would consider Photoshop Elements Editor File Menu/Process Multiple Files so that you can batch resize and not individually resize with Image Menu/Resize/Image Resize.