I'm so late to this, but what the hell:
It's pretty clear that the world of Elemental either is Altaria or is a parallel of Altaria, or that in some way, Altaria's history inspired Elemental's backstory or vice versa.
Brad said at some point during the Twilight beta that the Altarian history and tech tree had hints as to Elemental's (or, the as-yet-unnamed fantasy game that was not-MoM) storyline. If you check out the Altarian tech tree, you'll find multiple hints in "A History of Benevolence," "Divergent Evolution," "Shrine of Tandis," "Way of the Arnor," and "Inherent Magic."
Specifically, Shrine of Tandis:
Tandis was an Arnorian who took part in the great Precursor struggle on Altaria that became known as the Cataclysm. In that war, Altaria was devastated and it was during this time that the Drath began to leave with the help of sympathetic Precursors who remained.
Tandis arose again to aid the great nation known as "The Kingdom" in its darkest hour when the Empire and remnants of the Dread Lord allies, known as the Fallen, threatend to bring about the ruin of the world.
The world that hosts the shrine will have great honors bestowed on it. It is possibly the most powerful Galactic Achievement in the known universe.
When the Cataclysm happened, the Dread Lords and Arnor left Altaria to take their war into space. This was also when the Drath were moved to another world (Dratha, I presume), and ultimately led to the Dread Lords' imprisonment in the pocket universe and the Arnor's disappearance.
It's pretty clear, whether or not Elemental itself is canonically the Altarian homeworld, that Altarian history mirrors the backstory in Elemental fairly closely.
At the same time, Divergent Evolution claims that the only species on Altaria with hair are the Altarians, and of course Elemental depicts horses and I think there's a lion skin cloak (Herakles style) in some of the concept art. I don't know that this is really as strong a reference as other materials, though. The other stuff has been mentioned repeatedly, while the divergent evolution thing only appears in two places (Drath and Altarian tech trees).