Probably. One of the uses of, er, Use Magic Device is emulating another race.
I believe the answer is no, due to the fact that spells are not items, and Use Magic Device's Emulate Race ability is strictly for items. The wand helps you cast the spell, but the spell's effect is not the item it came from. Thus, you would cast it from the wand and it would fail, since you do not meet the requirements. If the wand was half-elf only, in that you needed to be half-elf to activate it, then yea, you could use that portion of UMD to get past it.
Of course, this is without looking at the rules too closely, so may be wrong.