Long story short: you don’t need to, or want to, mess with this partition. This partition is a FAT16 partition, which means that it can be read by Windows and Mac computers with no problem. For the current working iteration of EmuELEC on this device (v3.7), the partition is 537MB, and the entirety of this partition is taken up by the system files.
The system files required to run this operating system are all stored on this “EmuELEC” partition. PARTITION 1: “EmuELEC” - The firmware (operating system) that ships with the RG351P is an unofficially modified version of EmuELEC. This SD card contains your operating system as well as your game files, across a series of three partitions:
The RG351P has only one storage source - a single SD card.