I happen to be the bearer of this name and it is "ELOWYNE" and pronounced L-O-WIN like you "win" a game. There is a Camp Elowyne in the mountains of California, above Fresno, and the indians there said it meant "happy house" My great grandmother had found it in a book, and liked it and named my grandmother "Elowyne", as her middle name. I've been told it's a man's name and that it is Welsh, but I haven't confirmed that. There is a doll called Ellowyne Wilde, don't know where the extra "L" came from. It's a very rare name so I hope that you choose it for your daughter! Btw, nice to see a fellow "Elowyn" out there! :)
Elowen is a pretty name, but beware of spelling it with two ls, because "Ellowen Deeowen" is a character in Salman Rushdie's novel, The Satanic Verses. Her name translates "L-O-N-D-O-N".