Elevator pit water pump design regulations and norms

I am not sure about your local building codes, but here is a few general rules to start with.

The water must not be allowed to rise above where there is a chance to come in contact with anything electrical or corrode supporting steel posts.

The pump should shut off before it loses its prime.

Can the water be allowed to raise in the elevator pit area (as compared to sump pit within the elevator pit) or must the pump come on before it rises above the top of the pump's own pit?

It depends on your local regulations. Most places have it built into the building code in the plumbing section (which usually requires a building permit).

Normally the water does not raise into the elevator pit.

There is also requirements of the pumps itself such as this one that environmentally separates any oil from the water

http://www.rmcsupply.com/specifications/