Elders of Gallifrey was a qualification in the ancient times of Gallifrey, before any of its inhabitants would call oneself Time Lord.
The Elders, such as Lord Jodelex and Lady Griffen, supervised the artificial creation of a black hole from the star Qqaba, pivotal work of the starbreaker ship of Lord Omega, to achieve time travel and become "Lords of Time". (COMIC: Star Death)