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Originally Posted by Gordis
It is hard to imagine that Sauron hadn't figured it out that at least Galadriel had an Elven Ring. He wasn't that stupid - and the choice was so obvious. He knew her personally (as Annatar), he knew Celebrimbor - how could the head of the Mirdain not give a Ring to Galadriel?
Then Lorien, with its closely guarded borders and its magic fences. I guess Amroth's realm (before Galadriel came there) had nothing of the kind. Must be quite obvious that Galadriel had a Ring.
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Actually, not! It may seem funny, but it is quite precisely stated in FotR that Sauron did NOT know:
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Originally Posted by Mirror of Galadriel
Frodo gazed at the ring with awe; for suddenly it seemed to him that he understood.
"Yes," she said, divining his thought, "it is not permitted to speak of it, and Elrond could not do so. But it cannot be hidden from the Ring-bearer, and one who has seen the Eye.
(...)He suspects, but he does not know – not yet. Do you not see now wherefore your coming is to us as the footstep of Doom? For if you fail, then we are laid bare to the Enemy."
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Quite plain. Strange perhaps, but it was so. Well, why not? Galadriel was a Noldo, and there was Celeborn too, who knows what may have protected Lórien - not necessarily the Elven magic, eh? Elrond, Círdan, Glorfindel... Sauron had no idea what Elven lords and hidden realms may actually lie west of Misty Mountains. He was quite uninformed when it came to things like Isildur's heir as well. So why not the Elven Ringbearers?
When it comes to Saruman, then I am quite inclined to think he knew - but then, perhaps not? What is clear is that the Ringbearers didn't talk openly about their Rings with anybody, so no things like "ah, he knew because they were on the same Council" will hold. He figured out about Gandalf, though, so it is possible he may have learned about Galadriel - but then, not sure if "learned" was possible there until he would actually get a hold of the Ring itself. So, he may have "suspected", like Sauron, but not be 100% sure.