These elevations could be something called pinguecula, or pterygium or something even more serious. The way it is described it sounds more like a pinguecula. These do not generally cause much problem. But, I really can't be sure of what you are describing as there are many things that could be the diagnosis.
Next Steps
I would suggest to look for progression of the swelling or any change in the size, shape and colour of the swelling over next few weeks to months. if there is a change, please consult an Ophthalmologist. Till then you could use lubricating eye drops such as Lubrex eye drops 4times a day.