1)
What are "Elohei ha'Amim"?
1.
'Rashi': They are idols.
2.
Malbim (Tehilim 96:5): They are the Heavenly legion.
2)
What are "Elilim"?
1.
'Rashi': They are nothing. Man made them! "Mah Ho'il Pesel Ki Pesalo Yotzero... La'asos Elilim Ilemim" (Chabakuk 2:18).
2.
Radak (here and (Tehilim 96:5): They are the Heavenly legions. They are like nothing compared to Him, for He made them - "va'Shem Shamayim Asah." It is proper to serve only the Master. Malbim (Tehilim 96:5) - Goyim thought that the Heavenly legions act with their own strength. Really, Hashem makes everything, and all is with His power and influence; everything depends on Him. Their power is fixed and limited from their Creator.
