Wing Commander : Privateer has more than space in common with Elite, as it uses the same trading/freeform/combat concept.
http://en.wikipedia.org/wiki/Privateer_(video_game)
There are 2 major free standalone games using the Vegas Strike engine, aiming at recreating Privateer.
Privateer Gemini Gold
Parallel Universe (built on the Privateer Remake[/url] that is no more updated)