I'd have to see one of the data sheets for the interface you bought, but I'm guessing no on the ELM compatibility. ELM use simple AT commands to retrieve data from their interface. That's why they have such a following. It's cake to get the data you need from the ECU.
Here's the ELM data sheet: http://www.elmelectronics.com/DSheets/ELM327DS.pdf
Supposedly the offering from OBDpros.com supports the same command set (user michbound on the forums here). Its cheaper too.