Warlords Mark question

With Warlords mark cast (Via for example Ring of Submission) on enemies how is the leech calculated; i hear its based on general total damage but most things say "% Physical damage leeched as life" and Warlords mark simply says 2% leech on hit

does this mean as example; I am using a Fate of the Vaal; which converts all physical to a random elemental damage (in addition to always shocking igniting and chilling and adding added damages to those (IE for easy math 50%@Each so each hit would add 50% for each chill shock and ignite for a Grand Total of 150% or 1.5 listed below))

the question is:
does Warlords mark make it so my damages from this weapon will leech as all elemental damages?

i would test this but i do not have a decent spare armor (since mine cancels spells) to go to a zone that will actually allow me to test it without instakilling everything in a 30 yard radius, or thatll let me find out without dying as my char is a WIP still.... so the example estimate below is my thought; and hopes;

i simply need a "yes thats how it works;" or a "no thats not how it works; it'll be based on ____": i do not require the mathematics behind it unless that is particularly needed

the example scenario
listed damage with Doubleswing - 400ish-1200ish physical with that weapon per hit, which is then converted to random element (total 6.6k dps)

with my simplified mathematics i estimate it to calculate as (with letters representing the element and assuming it swaps elemental damage types between the two attacks and also assuming that WL Mark is the only type of leech i have (its not))
min leech to max leech
(.02*(1.5*400f)) to (.02*(1.5*1200f)) = aprox 12-36 leeched damage per hit.
+
(.02*(1.5*400L)) to (.02*(1.5*1200L)) = aprox 12-36 leeched damage per hit.
for a grand total of 24-72 life leeched from that elemental damage per hit.
(one of the two swings in doublestrike)

the only requirement for warlords mark is that the damage HITS.

Bane, RF, Scorching ray, do not hit, and will never leech.

Anything that hits will leech.

thanks a bunch man