I'd give her the title of Lady, before that of princess. Elrond was after all, a Lord. Although, he was called that more just out of respect than anything. But a Lord is the proper form of address for a marquis, an earl, or a viscount. And, althought Elrond was appointed as one by a King or Queen, he did consider himself a lord of his realm, it was hardly large enough to be considered a kingdom after all.
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