I am not sure whether any other way exists, but I have a way out.
1. Your catalog is by default located at ProgramData\Adobe\Elements Organizer\Catalogs\Your_Catalog_Name\
2. Make a copy of your catalog at the same location.
3. Launch EO.
4. Go to File>Catalog and choose the copied catalog and open,
5. Now delete one album from it, say Album 1.
6. From the other catalog delete Album 2.
Thus you will have to catalogs, one having Album1 and other having Album 2.