English Meaning: The name Louella is an English baby name. In English the meaning of the name Louella is: Famous elf. Also a compound of the names Lou and Ella. American Meaning:The name Louella is an American baby name.In American the meaning of the name Louella is: Famous elf.Also a compound of the names Lou and Ella.merican Meaning: The name Louella is an American baby name. In American the meaning of the name Louella is: Famous elf. Also a compound of the names Lou and Ella.