There is, but it's poorly marked, and even more poorly policed. The entrance to the Elite line is mixed in with/right between the regular lanes, and often most people don't even notice the sign and just walk into whichever is shortest, including the Elite line. The TSA people don't show up until boarding pass check, and I've never seen anyone policing the Elite line to make sure only Elites use it.

A number of times I've seen the general security lanes moving faster than the "Elite" line.