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Beautiful nickname, but I think it needs something to back it up. If you were to use it by itself, I'd say middle name (somehow I can accept nicknames better as middle names: Rae, Jill, Gwyn, etc.).
I think it would be a great nickname for Elaine, Elisabeth, or Eleanor / Elinor, but you could also use it for Elena, Elspeth (though I prefer that as a nickname itself for Elisabeth), Eliana, Eleanora, Elina, Eliora, Elise / Elisa, Ellen, Elissa, Elodia / Elodie, Eloise, Elisha, Elsa / Else, Elysia, or a host of other names.
Hmmm... combo ideas:
Victoria Elle or even Elle Victoria
Hannah Elle
Susannah Elle
Violet Elle
Arianna Elle
Katherine Elle
Constance Elle
Felicity Elle
Judith Elle
Sofia Elle
Rebecca Elle
Miriam Elle
Oriana Elle