It's been a while since I've last read it, but yeah i do remember such a thing.
Meditation is a good word to describe it^^
#Jedi elves
Yes, I too heard that it's more a kind of restful Meditation, where the most ancient Elves have also the opportunity to mentally wander throughout their deepest Memories, since their Memory is always as vivid and alive as their 'immortal' lifespan
Also, if I remember correctly, in ROTK, when the guests of the wedding of Aragorn and Arwen leave Gondor to return home, it's described that, during a nocturnal moment of the journey, Elrond, Celeborn, Galadriel, Gandalf (probably, the Maiar have this same trait too in their true form, or another one closed to their original Majesty) and other Elves fall in a sort of meditative-watchful state, in which they seem to reminisce their Past, while appearing, also, to 'telepathically' contact the other ones in that exact state.