I like the meaning. As for the name, well, I guess it's OK. I've never heard it before. I wouldn't give it to my child or anything but like I said, it's OK.
Just the name "Elpis" on its own sounds lovely enough. At first it seems so ordinary (in terms of pronunciation, the fact that it's a five-letter name, et cetera), but when you find out about its meaning, it simply sounds hope-inspiring. At least, I feel that way about it.
By the way, I think we all know the "Pandora's Box" myth, don't we? (For those who don't know, please check up the name "Pandora"; a brief summary is there.) Elpis was the only good spirit to reside in Pandora's box, and the last to escape from it. [noted -ed]