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The island of Tol Eressea is as much a part of the Undying Lands as the rest of Aman, including Valinor, is. It is where, after Morgoth's downfall, the Elves coming from Middle Earth settled.
It is my understaning that the Elves of Tol Eressea remained there by choice; I have not heard it said that they were barred from visiting their kin on the mainland of Aman. It is likely that Bilbo, Frodo and Sam, having settled with the Elves they knew, would have visited Valinor, if only to see Gandalf again, who I'm sure would not remain on Tol Eressea for long.
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