Here's a way to work out the % increase in damage against a specific creature:

Take your weapon, look it up on wiki as icy / firey / w.e, and take the number of attack points which are converted to a magic based damage (e.g 9 ice attack points in my previous example), now work out what percentage this is of the total damage:

Original damage = 48.
Icy damage = 9.
48 / 9 = 5.33r.
So your ratio for the damage is 1:5.33 (for each 5.33 attack points you have in melee, you now have 1 in element).

Work that out as a fraction:
1 / 5.33 = 0.188

Work it out as a percentage:
0.188 x 100 = 18.8%.

Round it to something easier to work with:
18.8% = ~20%

Now take the % weakness the target creature has to the element which you will use.

Blazing Fire Elemental = 25% weak to Ice.

Now you must calculate your weapons ice damage percentage against the creatures weakness percentage:

20% of 25% = your damage increase using an enchanted weapon = 5%.

I could fucking swear I got something wrong in that, but I don't have the energy to try correct it now.