I understand that they both mean "element" or "aspect" in some way. What's the nuanced difference between the two?
点 merely implies a "point", while 要素 implies there are multiple points that together make up something.
Hence, you can say
昨日来てくれた点は評価する, but not
昨日来てくれた要素は評価する because you coming over is odd as a component of something. Conversely, you can say
成長を促す要素を構成している but not
成長を促す点を構成している because a point can't be composed of further components.