Both Photoshop and Photoshop Elements are pixel editors, not vector based drawing tools, but they have some useful vector features.
Only Photoshop has the pen tool which lets you define your paths and shapes. Elements can only manage vectors in shapes, selections and fonts, no pen tools.
There is a very affordable external tool, Elements+ (author: Andrei Doubrovski), which can restore a big number of Photoshop features in Elements via scripts.
Do a search for elementsplus.net (it's widely used in the PSE user communities).
The 'paths' scripts allow transforming shapes, selections or fonts into paths and to combine them. Anyway, have a look at the many other Photoshop features made available for Elements in the scripts package.