While strolling around the internet, I found this quick article comparing real world empires to that of the Elder Scrolls.
I found it to be interesting.
http://www.gameranx.com/gallery/elder-scrolls-race/
lol at Khajiit, though it is fact that Romani (Gypsies) are an Indian people and I would definitely say are closest Indian - India is desert and sand and the skooma pipes look like Indian hookah. The names of Khajiit are Indian in many ways. They end in -iit like Harjit & Ranjit. There are names like Ra'ja.
Big cats like lions and tigers are native to India and feature as an important racial symbol for many Indian people and nations.
I used to think Dunmer are Japs but I now think they are more Turkic / Mongolian due to the yurts they live in.
Orsmer are probably the Mongol / Hunnic tribes that went west into Europe (such as Magyar who invaded Hungary) as they were known as short stocky people
I think Altmer cover both Chinese and Japanese. Like the picture shows they look Chinese and many aspects of their cleaner refined nature reflects on the ancient Chinese. The Orcish armor in Morrowind was copied from Altmer armor and it looked exactly like Samurai armor.
Redguard I would say are based on the ancient Carthaginians of northern Africa who's empire centred from what is now Tunisia. Play the Redguard game and look at the lore of the early TES games and see how Redguards gave the most resistance to the Rise of the Empire (exactly like the Carthaginians did with Rome)
If all the other mer races are based on Esian (East Asian & Pacific) people then I'd place my bets that Bosmer are like the Esian people of SE Asia such as in the rainforests of Borneo.
I think the hidden success to fantasy lore is to base them loosely on our own ancient cultures. Look at all the successful fantasy world such as warhammer, Lord of the Rings, Fable etc. They all do it. Then look at other game which don't and see they don't make the same success.
This doesn't restrict the races as we can expand as much as we choose. I think deep down most people like to relate to things and like the fact they can change them into something much more. Its like Vikings with dragons and giants ogres etc. This didn't happen in real life. Nor did some of the exotic armors that I'm sure the Nords will have in Skyrim. Its like the Norse we want to see as opposed to the reality.