Welcome to the forum.
Premiere Elements does ot have a Camera RAW module. You will want to do that from Photoshop Elements, Photoshop, Bridge, LightRoom or similar. I do not know if the PSElements Organizer can access the ACR (Adobe Camera RAW) module.
PS - HERE are the Premiere Elements supported Still Image file formats.
In accord with what has been written already in this thread, I suspect that you intended your question for Photoshop Elements and not Premiere Elements Forum since the Open As route to JPEG in the Camera Dialog is one of the features of the Photoshop Elements Full Editor.
Just in case, I wanted to contribute the following thoughts on the use of Camera Raw in the "Elements" environment:
1. Your camera supplying the raw images needs to be supported by the version of Camera Raw and that version needs to be supported by the Photoshop Elements version that you are using (two separate and needed thoughts).
2. On the Premiere Elements side of things, you can import raw and dng images into Premiere Elements but you have to have an appropriate version of Camera Raw plugin installed for Premiere Elements. In earlier versions of Premiere Elements and Photoshop Elements, these programs did not share the same program files location for the Camera Raw Plugin. In more recent ones, they do.
3. You cannot open the Camera Raw dialog for editing purposes (raw or otherwise) from Premiere Elements. The Camera Raw plugin in Photoshop Elements will get you the Camera Raw dialog for editing purposes.
4. Also in later versions, one can now use an automatic process for updating Camera Raw to the latest version for your particular version of Premiere Elements. Best, use the program's Help Menu/Updates.
Hope the information will be helpful.