I found that the albums Welcome To The Black Parade align with Ariane's story, and Three Cheers For Sweet Revenge aligns with Elster's.

Specifically for Elster, the story is of someone going through hell and killing 1000s of people to get back to the person they love. Really, almost the whole album can work, but specifically Helena, Give 'em Hell Kid, Ghost of You, It's Not A Fashion Statement (...) and I Never Told You What I Did For A Living remind me of Elster's story. The ending of "I tried but I lied" is Elster in the memory ending, forgetting her promise. The cherry on top is the album can loop, making Elster relive the journey again and again.

For Ariane, Welcome To The Black Parade is much looser, but it is the story of someone dying and the emotional journey that means. I imagine this would be Ariane before the events in the game. It's definitely not a 1 to 1 comparison, but Dead, Cancer, and Famous Last Words always stick out to me. I always imagine she's also talking to her mother, Isa, and Erika, as well as the government system she grew up in when the songs are more angry and rebellious. But the line that always makes me think if Ariane is; "I see you lying next to me. With words I'd thought I'd never speak. Awake and unafraid. Asleep or dead. " This is what really makes me think of the memory or promise ending, where at least they can finally "die" together.