Not really sure how anyone can see elves as being a "master race." Especially in D&D, doubly so since 3rd Edition came around when their stats became god awful and very unattractive to players who didn't wanna kinda-sorta suck. Hell, if any race in D&D 3.5+ is a "master race," it's Humans. And that's just talking about their stats, nevermind their associated stories where, more often than not, they're a dying breed who've lost everything and are unable to keep up with the modern world; a world being ushered in by, you guessed it, Humans.