Elders of Gallifrey was a qualification in the ancient times of Gallifrey, before any of its inhabitants would call oneself Time Lord. (COMIC: Star Death) By one account, the Elders were the final generation of Ancient Gallifreyans following Pythia's Curse, with "Elder Gallifreyan" being one title by which the Ancients were remembered. (PROSE: The Infinity Doctors)
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)