Msreekanta:
For dynamic display elements mdlElmdscr_display (V8) is used. But it is deprecated in V8i
That depends on what you mean by dynamic.
In the context of MDL and MicroStation's state engine, dynamic means the continual update of the display while a primitive command is active. That is, for example, a callback invoked by mdlState_dynamicUpdate (...) or mdlState_setFunction (STATE_COMPLEX_DYNAMICS, ...) from your primitive command or locate function.
If the above is what you mean, then you can continue to use mdlElmdscr_display in V8i.
If, on the other hand, you mean some sort of temporary display outside the context of a primitive or locate command, then the transient API always was and remains a better approach. The transient API has existed since V7, so you can use it with both versions of V8 that you mention.