As I say in my books, you can not capture from an analog device through a capture card or Dazzle type device into Premiere Elements.
You'll need to use a DV bridge, like the ADS Pyro AV Link, or a pass-through set-up, as we explain in the FAQs to the right of this forum (and I detail in my books).
Old forum message, message now gone, but here's the summary - I have not used, only made note of the product "Matt with Grass Valley Canopus in their tech support department stated that the 110 will suffice for most hobbyist. If a person has a lot of tapes that were played often the tape stretches and the magnetic coding diminishes. If your goal is to encode tapes in good shape buy the 110, if you will be encoding old tapes of poor quality buy the 300"
I understand the concept you are stating but that should not be the case.
Premiere Elements has always worked when I would use a Grass Valley Canopas Video Card. It worked with PRE 6.0 and 7.0 but all of a sudden it will not work with 8.0. I have four different media inputs hooked up to a Kramer Matrix system which then inputs into the Video card which is in the computer. In the past there has never been a problem but I recently installed Premiere Elements 8.0 and now it will not capture. Everything else works fine. When I put a VHS in it will show up and play on the capture screen within Premiere but if I go to click on "capture" it does not work. The problem is that Premiere does not recognize that the VCR is playing and it always states that it is "stopped" in the upper left-hand corner of the capture screen.
I have a Pinnacle Dv500 capture/digitizing card
That card works with Premiere 6x by means of a SPECIFIC device driver that communicates between the hardware on the card and Premiere 6x (P6x must be installed before the device driver, so the device driver is able to "connect" to the card AND P6x)
Since Pinnacle did not write a device driver for any version of Premiere Pro, it still ONLY works with Premiere 6x
If the vendor of your card updates their software to include a later version of P-Elements, it will work... otherwise, P-Elements 8 (or the just announced 9) will not "see" the card and will not work to capture, and you must use an external device that connects to your tape player and then to the computer via Firewire