You can disconnect both ends of the elements, which will then tell you which one has the leakage. You can buy a replacement element if the oven is expensive, but for a cheap one ( cheapest I have seen retail is $15 this week, though it is barely big enough to get a dinner plate inside it) just scrap it.
If you find the faulty element you can get the moisture out of it by heating up with a small gas torch for a few minutes, getting it to over 200C for a few minutes will drive the adsorbed moisture out.