We need to find the number of seven-digit numbers where the sum of the digits equals 11, and the digits are restricted to 1, 2, and 3. Let the number of 1's be \( x_1 \), the number of 2's be \( x_2 \), and the number of 3's be \( x_3 \). The equation becomes: \[ x_1 + 2x_2 + 3x_3 = 11, \] with the constraint \( x_1 + x_2 + x_3 = 7 \) (since there are seven digits). Solving this system of equations using the stars and bars method, we find the total number of solutions is 161.
Thus, the number of elements in the set P is 161.