A little more work done on this project. Thanks to so much help from others, the diminutive form of a word has an "L" in the beginning. "M" is to signify the short version of "MA" meaning "OF" or "FROM" (similar to the "DE" found in so many Latin languages). The contracted version of "M" or "M' " is most frequently used with names (similar, for example, to the D meaning "of" in the name Don Juan D'Marco). So, the full version of the word is MA with M being the prefix to sigify "of/from".
Because of this, M'REN is "OF REN" (no, I have no idea what REN is or where REN is so this theory might have to be adjusted). For MEKDA (note here that an apostrophe is not necessary due to the fact that "M" is followed by a vowel) I have assigned the name "OF/FROM ROCK ICE". So, this name says that this elf obviously comes from the frozen mountains.
Now we also have the word for "DA" and I just need to see if it fits for every other name. If not, back to square one.
The word/name VOL has been a bit of a challenge but I think I finally cracked this too. VOL means "LEAD". So, VOL is LEAD, REEVOL is FLY LEAD (or Flight Lead) and Lord VOLL, because of the fact it ends with another L and this signifies the progressive tense, becomes Lord LEADING. I think these all work rather well and this works particularly well in the case of Lord Voll.
I'll try to get some more work done today. I have a few other things to try to take care of as well. Again, thanks everyone for so much help and encouragement. Let me know if you can spot any errors or if you can provide a better explanation. Thanks.