Does that means at that time no re-election is made?
Yes.
and as well as is there any method to do re-election by any setting in vSphere HA if it is recovered from the failure.
None that I would know of.
With the Master/Slave model in vSphere 5 I don't see the requirement anymore to have the roles on dedicated hosts as with vSphere 4, where you had the Primary/Secondary model.
André