Why is Elrond so respected?

Could you please explain to me why Elrond enjoys such a high level of respect? What attributes or accomplishments does he possess that contribute to his esteemed status? What role does he play in the larger narrative that commands such deference from others? Furthermore, how does his character development throughout the story enhance his reputation and make him worthy of such widespread admiration? I am curious to understand the reasons behind his being so highly regarded.