Yes, ELVES is a Scrabble word!

Letter values in Scrabble US: E 1, L 1, V 4, E 1, S 1.

Is it a valid word?

ELVES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an acronym for emissions of light and very low frequency perturbations due to electromagnetic pulse sources; extremely bright extremely short (less than a msec) electrical flashes forming a huge ring (up to 400 km diameter) in the ionosphere
(folklore) fairies that are somewhat mischievous
below 3 kilohertz

Also: extremely low frequency.