The Material Select Render Element stores only the object(s) assigned to a specified V-Ray compatible material. The material can be a top-level material or a sub-material of a VRayMtlBlend.
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UI Path: ||Display Render Settings button|| > Render Elements tab > Material Select
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To use render elements, select from the Available render elements column and click the Add button to add the passes you wish to generate at render time. When you render the scene, the added render elements listed in the column on the right, will also render, which can be viewed from the VFB window's channel drop-down menu.
For more information on the parameters on this dialog, see the Render Elements tab page.