I think "ADVENTURE" is the main element. That and killing things and taking their stuff. That is risk, even mortal, for gain. And probably there should be some "Cliff Hangers" just to make the gamer really question if they haven't taken too much risk, yet a resourceful hero can sometimes overcome anyway.
Also the actual dating of members of the opposite sex and producing offspring. E.g. "DYNASTIES", but also importantly, "ROMANCE". That is, one doesn't always just marry for convenience, but actually practices "courtly love", maybe questing an entire game to win the hand of someone they love.
"PERIL" and "CROSSING SWORDS". Not just combat or killing things, but doing battle with a real risk of death, and a battle that is truly challenging in at least a rock-paper-scissors way, but more importantly won through the use of good tactics, sacrifice, and perseverance. Not just stacks of hitpoints vs. stack of hitpoints.
"SENSE of WONDER" is key for *some* fantasy, but mostly "High Fantasy", where magic and odd things are common; Elemental seems to be "Middle Fantasy". I.e. there's a lot of mundane medieval-life, but then there's also some Merlins, Fire-Drakes, and at least once race seems to have an active pact with supernatural (maybe evil) forces. Probably the "High Fantasy" elements should have a degree of surprise to them each game. Maybe the dragon of one game will be an acid dragon one time, and a fire drake another game. Maybe Fire mana will be more potent than acid mana one game, but not the next. Maybe some Fallen will actually be nice people. Maybe the most powerful strength enhancing gauntlets will only be ogre strength one game, but Storm Giant strength the next game. Maybe one game will actually not have "One Ring to bind them..." but the next will.
On "SENSE of DISCOVERY", I think any good 4X game should have that. Teching, uncovering the unknown parts of the map, finding out the AI is a back-stabber after all,.... But I agree any good fiction should have a "SENSE of DISCOVERING" the previously hidden truth---i.e. the back-story leads to greater revelations in time. E.g. the protagonist has an amazing destiny and untapped powers, yet to even be hinted at.
In general, any good story should have "Internal Consistency".
Thumbs up on "POWERS". Just the extent that the story is "High Fantasy" or something else should determine how potential the powers are and how wide they vary.
"Good vs. Evil" definitely is a troph of some fantasy, but if every single game is good vs. evil, it'll loose replayability, imho. Every game should have the potential to evolve into Good vs. Evil, but not always. A civ might aspire to be the avatar of Goodness, but there might not be evil in the world. One game might have every civ just being neutral, and trying to found the first empire, or to just reunite the first empire.