Yes, it could be argued that the Light is the element of life itself. However, the Light tends to be a connection with others who wish for overall good. I would think something as primal as life itself would be more natural than higher consciousness.

For instance, we know Elune is some kind of being for Light and not Nature. She has priestesses with holy magic for healing, but it was Malorne and Cenarius that taught about Nature itself (something that was beyond Elune's understanding). This strongly suggests that Nature and Light are separate.

Given that, it would be more logical that Life would fall more into the Nature category than the Light. Also, though there is no Elemental Life in the game, there is Essence of Life, Primal Life, and Eternal Life. All of these are farmed from mostly wild (if not fully wild) plants and plant-like creatures, emphasizing nature.

Of course we have yet to kill and loot a Naaru or some other being of Light, so logically there's no way to know if there is elemental/essence/primal/eternal Light somewhere (though possibly the crystals that Naaru turn into during their dormant state...)

I propose that if there is Elemental Life in Azeroth, the best (possibly only) place to find it would be in the Emerald Dream...or possibly Mount Hyjal, but unlikely in my opinion.