Well, Elite Dangerous is supported through FreeTrack instead of VJoy as of version 1.1. Unless you’ve installed the older 1.0.2 then there’s no need to worry about VJoy monitor not showing activity.
If ISE (1.1.1) doesn’t work with ED then start by checking the logs located under:
Check if there are any recent (check the bottom of the file) “ERROR” entries the latest log file. If there are then copy/paste it in here, if not then launching ED 32-bit and see if it works (we have one support case where it seems that ED won’t work with FreeTrack in 64-bit). If it does work with the 32-bit version then please report back here.
Otherwise you could always try to install the older 1.0.2 (there won’t be any problems with FreeTrack since ED is supported by VJoy in this version). You can download 1.0.2 from here.