The variable list looks good, but the "Element location" string could either refer to a point in space some distance from the various planes in the formation or some portion of a particular aircraft in the formation (e.g., left or right wingtip, tail, nose, dorsal or ventral surface).
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EDIT: While basing "element" location on a particular airplane, basing it on an aircraft part isn't necessarily such a good idea, since with breaking parts the "element location" could go hurtling to earth, with all the other planes in the formation following it, even if the rest of the "formation lead" aircraft is still flying.
As a related issue, the user should be able to assign conditions which cause other units in a formation or element to break or alter formation, reassemble, swap locations within the formation, or change the lead aircraft. That way you can have units automatically do collision avoidance or evasive combat maneuvers, automatically regroup when planes in the formation are destroyed or are too badly damaged to keep up, etc.
The game could also use a bit of simple "AI" to have planes automatically make simple decisions a real pilot could make, such as not following a destroyed lead aircraft, opening up the formation when there's a high risk of collision, splitting up into smaller elements prior to landing, and so forth.
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A simple GUI that allows the user to "drag and drop" planes into a particular formation, view them from top, front and side, show distances between planes in an element, and elements in a formation would probably be the most intuitive for a non-programmer to use. Once you've got your elements arranged, there could be a simple menu you can use to name and link individual planes and elements, apply unit/or formation markings, and designate "element location" points which planes and elements formate and maneuver around.
Planes could maneuver like "particles" with the element and unit formations acting as an "emitter mesh" focused on the "element location" point.