The elves are not a true single kingdom. There are a series of kingdoms, independent baronies and such. While there is no single government, there is remarkable consistancy in dealing with external affaris. The elves are a sleeping giant normally. The elves, as a series of governments, do not normally get involved in world affairs outside of careful diplomacy. Despite not projecting military power around Oceana, they are considered a super power.
The Elves are a feudal society of small villages. They have an overabundance of resources and spend time giving gifts. See Cannibals & Kings: Origins of Cultures by Marvin Harris.for the discussion on Big Men and Pacific Northwest potlatch customs. There are multiple kings, numerous dukes, earls and barons. The common folks have a say in their local nobles court, but do not have any official vote or privileges. The average village is 200 elves.
The Elven titles of nobility
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The elves are a loosely aligned semi-feudal society. They have ambassadors in the major countries and city-states. The spend money playing off the various monster tribes against each other and against the humans.