Thsi is probably more of a N&N subject but...
Dwarves are very strong, fierce and determined and have excellent weaponry and armour. However elves are agile, strong and no less tireless and have a great height advantage. The elflords you mention would be well equiped and were arguably the finest warriors of their race. I think you have to say elves have the edge because of speed and height with the caveat that they would be vulnerable to being hamstrung by the shorter dwarves (ie what Merry did to the witch king).
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“But Finrod walks with Finarfin his father beneath the trees in Eldamar.”
Christopher Tolkien, Requiescat in pace
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