From Anstey’s Doctrinal Definitions:
This has to do with God’s sovereign choosing of persons and angels for various purposes. The Word of God indicates that there are various companies of God’s people who have been thus chosen. There are those whom He has “chosen” to be part of the Church—i.e. Christians (Eph. 1:4; Col. 3:12; 1 Thess. 1:4; 1 Peter 1:2; 2:9). There are also “elect” Jews (Isa. 65:9, 15, 22; Matt. 24:22; Luke 18:7), and “elect” Israelites from the ten tribes (Matt. 24:31). There are even “elect” angels (1 Tim. 5:21). The Lord Himself is also spoken of as “Mine Elect” (Isa. 42:1; Matt. 12:18).
Election is closely connected with predestination. The difference is that election has to do with being selected and predestination has to do with what we have been selected for. Election, therefore, concerns persons, and predestination concerns the place (the destiny) that God has “marked out” for those persons (Eph. 1:5).