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While wielding inferno staff: First cast it on mobs, then kept hitting light/heavy attacks, Impulse, Unstable wall of Fire, Unstable Flame, Engulfing Flames, Flames of Oblivion. Nothing seemed to work.
Well, since those spells take about 220-350 magicka per cast (except Flames of Oblivion) and Elemental Drain returns just about 20 magicka per elemental damage (after being overly nerfed to give 5x less magicka back), I don't suppose you'll even see any difference.
Hell, I can't even seem to test if Magnus set's 5% chance to negate magicka cost works
Tested is as a sorc with light/heavy attacks and crushing shock, it returns mana on every hit for light, initial hit for heavy (if its channeled like with lighting staff) and all 3 elemental hits of crushing force.
Afaik it doesn't return mana from dot ticks, was fixes some time ago as it was being abused and cosidered overpowered to proc from every dot.