The rings of power have different abilities, most of them are difficult to transmit for a combat-oriented rpg. Then main power of the 3 elven rings was to conserve magic and avoid is dispersion, allowing highly magical sanctuary and realms to exist and flourish even though middle earth is becoming, due to the world changing, less magical and mystical by the year.
Thought, much of those power were employed in an active way to make entire regions obscure and unreachble to Sauron's gaze, resulting with even the rings being generally not detected.
Also, each of the rings of power had a specific element and allowed the wielder to exercite his power over it in greater ways.
Therefore, its powers depends by how you plan to use the character and which level it is. If you wish an uber mythic elven witch/seer, then this is my pick.
Nenya, ring of Air.
It a mayor artifact that combines a ring of protection +5 and resistance +5
The wielder is under the constant effect of age resistance greater and mind blank (possibly mythic). The wielder can apply 3/day the following metamagic to his spells: enlarged, empowered, widen. The wielder can also use this capacity as spell-like abilities (CL 20)
Feather fall (unlimited use, wearer only)
Resist energy (electricity) (unlimited use, wearer only)
Gust of wind (twice per day)
Wind wall (unlimited use)
Air walk (once per day, wearer only)
Heal (1/day)
Greater Restoration (1/day)
Also, the ring can be used through ritual magic (so, not in combat) to grant an entire reason (let's say 1 mile x cha of the wielder) the benefit of the consecration spell, or the effect of an hallow spell (in this case, with non detection).
Were the elven rings more elemental. IIRC Elrond had a water ring.
Would it start off as a legacy item I wonder?
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Info on the rings here.
Galadriel's ring, Nenya, is actually the ring of water.
Elrond's ring, Vilya, is the ring of air.
Gandalf has Narya, the ring of fire, which rather than possessing the ability to create physical fire has the ability to ignite hope.
As far as I know the exact elemental natures of the rings of water and air are unclear.