I remember seeing a live action TV mini series on American TV between 2001 and 2007ish. It may have been on the Sci-Fi channel, but I am unsure. I know for a fact it wasn't on any premium channels, such as HBO, Showtime, etc. It only ran for 3-6 episodes, so it was definitely a mini-series. The show takes place in America.
In the show, there are two main characters, a protagonist and an antagonist. The protagonist is played by someone that looks very similar to Billy Zane, but I am unable to find this in Bill Zane's imdb list. I believe the antagonist may have been Asian, but I am unsure. I believe these two have been fighting for a long time, and use magical means to attack each other.
In the show, the protagonist ends up finding 3-4 Americans (2-3 men and at least one woman) that end up with special abilities to control different elements. One was definitely water, I think another was fire. These was a training montage with all of them and the water guy was soaked head to toe. I think one of them may have been punching light bulbs.
At one point in the series, the bad guy psychically attacks the good guy's students, and I think one of them may have died.