They represent the Raptured Church, we know this by the way they are described as FAITHFUL OVERCOMERS !!
Rev. 4:4 And (1)round about the throne were four and twenty seats: and upon the seats I saw four and twenty elders sitting, clothed in (2)white raiment ; and they had on their (3)heads crowns of gold.
(1)...........Rev. 3:21 To him that overcometh will I grant to sit with me in my throne, even as I also overcame, and am set down with my Father in his throne.
(2)...........Rev. 3:5 He that overcometh, the same shall be clothed in white raiment; and I will not blot out his name out of the book of life, but I will confess his name before my Father, and before his angels.
(3)..........Rev. 2:10 Fear none of those things which thou shalt suffer: behold, the devil shall cast some of you into prison, that ye may be tried; and ye shall have tribulation ten days: be thou faithful unto death, and I will give thee a crown of life.
Israel are the Wheat, they must go through the Tribulation (be crushed) in order to be sifted, the Church is the Barley, and barley doesn't need to be crushed before it is sifted. Daniel was clearly told he would stand in his lot at the VERY END, and in Dan. 12:1-2 we clearly see that the Jews are raised up at the very end.
The book of Revelation has 404 verses and 289 have Old Testament lingo, Rev. 17 is a story from Daniel 5, the Mene, Mene, Tekel story of Babylons fall/handwriting on the wall. The 24 Elders are just referring to the Church as pertaining unto who they are as seen by God. In 1 Chronicles 24 we get the 24 Orders of the Priesthood.
The Divisions of the Priests
1 Chronicles 24:1 The divisions of the descendants of Aaron were as follows: Aaron’s sons were Nadab, Abihu, Eleazar, and Ithamar.
7 The first lot fell to Jehoiarib, the second to Jedaiah,
8 the third to Harim, the fourth to Seorim,
9 the fifth to Malchijah, the sixth to Mijamin,
10 the seventh to Hakkoz, the eighth to Abijah,
11 the ninth to Jeshua, the tenth to Shecaniah,
12 the eleventh to Eliashib, the twelfth to Jakim,
13 the thirteenth to Huppah, the fourteenth to Jeshebeab,
14 the fifteenth to Bilgah, the sixteenth to Immer,
15 the seventeenth to Hezir, the eighteenth to Happizzez,
16 the nineteenth to Pethahiah, the twentieth to Jehezkel,
17 the twenty-first to Jachin, the twenty-second to Gamul,
18 the twenty-third to Delaiah, and the twenty-fourth to Maaziah.
So, the 24 Elders represent the Priesthood, and what does Rev. 5:9-10 call us the Church in heaven? LOOK BELOW !!
Rev. 5:9 And they (Church) sung a new song, saying, Thou art worthy to take the book, and to open the seals thereof: for thou wast slain(Jesus), and hast redeemed us(Church) to God by thy blood(Jesus) out of every kindred, and tongue, and people, and nation(The Church is in EVERY Nation);
10 And hast made us unto our God kings and priests {24 Orders of the Priesthood} and we shall reign on the earth.
So, the 24 Elders is just a CODE telling everyone this is the Church in Heaven, who OVERCAME, many were faithful unto DEATH, and they are all Kings and Priests because they were washed and purged in the blood of Jesus.
Revelation is very DEEP, guessing will not cut it, these codes can be solved with hard work and prayer.