Letter 257:
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From The Hobbit are also derived the matter of the Dwarves, Durin their prime ancestor, and Moria; and Elrond. The passage in Ch. iii relating him to the Half-elven of the mythology was a fortunate accident, due to the difficulty of constantly inventing good names for new characters. I gave him the name Elrond casually, but as this came from the mythology (Elros and Elrond the two sons of Eärendel) I made him half-elven. Only in The Lord was he identified with the son of Eärendel, and so the great-grandson of Lúthien and Beren, a great power and a Ringholder.
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JRRT here identifies Elrond as both a 'great power' and a 'Ringholder', but interestingly he is a 'great power, aside from the fact that he has a ring. Notice that divine heritage, Elrond is descended from a 'god'.
Letter 246:
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Of the others only Gandalf might be expected to master him - being an emissary of the Powers and a creature of the same order, an immortal spirit taking a visible physical form. In the 'Mirror of Galadriel', 1381, it appears that Galadriel conceived of herself as capable of wielding the Ring and supplanting the Dark Lord. If so, so also were the other guardians of the Three, especially Elrond. But this is another matter.
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Another interesting note here is that Elrond would be especially capable of weilding the One and supplanting Sauron. Why Elrond 'especially'. Perhaps his Maiarin heritage has something to do with it.
Unfinished Tales:
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At this time the first Council was held, 10 and it was there determined that an Elvish stronghold in the east of Eriador should be maintained at Imladris rather than in Eregion. At that time also Gil-galad gave Vilya, the Blue Ring, to Elrond, and appointed him to be his vice-regent in Eriador...
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Gil-galad gave Vilya to Elrond long before the Last Alliance. The time spoken of here is just after the War of Elves and Sauron (ca. SA 1700).