和平 = Peace; 精英 = Elite. So yes, that's the literal translation. They're probably trying to give the game a up beating vibe by using that name, so it's easier fo

和平 = Peace; 精英 = Elite. So yes, that's the literal translation. They're probably trying to give the game a up beating vibe by using that name, so it's easier for it to be approved by the government. "反恐精英" on the other hand, should be translated to "Counter-terrorism elite". But "反恐(Counter-terrorism) 精英(elite)" itself is a non-literal translation of Counter-Strike.