No, you would not prepare for the Rite of Election with confession.
If you have not been baptised then you cannot receive the other sacraments. You are not allowed to go to confession until after baptism.
If you have been to confession and are preparing for Eucharist or confirmation then you could choose to go, but it would not be a requirement for this ceremony.
If you have been baptised and are preparing for “Reception into the full communion of the Catholic Church” then for you the ceremony is called something like: “Call to continuing conversion of candidates who are preparing for reception into the full communion of the Catholic Church” (USA RCIA n. 547).
Then it is a case of assessing how these rules apply.
According to “Reception of Baptized Christians into the Full Communion of the Catholic Church”, n. 9 (also known as RCIA #482, using the USA numbering):
“If the profession of faith and reception take place within Mass, the candidate, according to his or her own conscience, should make a confession of sins beforehand, first informing the confessor that he or she is about to be received into full communion. Any confessor who is lawfully approved may hear the candidates’ confession.”
(From The Rites Volume One, Liturgical Press, 1990, ISBN: 0-8146-6015-0, page 277). Take note that this is talking about the rite of reception, not the rite of election.
The general rule for non-catholic Christians is in the Code of Canon Law, canon 844:
"§3. Catholic ministers administer the sacraments of penance, Eucharist, and anointing of the sick licitly to members of Eastern Churches which do not have full communion with the Catholic Church if they seek such on their own accord and are properly disposed. This is also valid for members of other Churches which in the judgment of the Apostolic See are in the same condition in regard to the sacraments as these Eastern Churches.
§4. If the danger of death is present or if, in the judgment of the diocesan bishop or conference of bishops, some other grave necessity urges it, Catholic ministers administer these same sacraments licitly also to other Christians not having full communion with the Catholic Church, who cannot approach a minister of their own community and who seek such on their own accord, provided that they manifest Catholic faith in respect to these sacraments and are properly disposed.
§5. For the cases mentioned in §§2, 3, and 4, the diocesan bishop or conference of bishops is not to issue general norms except after consultation at least with the local competent authority of the interested non-Catholic Church or community."
(From vatican.va/archive/ENG1104/_INDEX.HTM ).