If Xiolin Showdown were to have a crossover with RWBY; the Xiolin Warriors would likely be called Team R.O.C.K.

The names of the 4 main characters:

Raimundo Pedrosa

Omi

Clay Bailey

Kimiko Tohomiko

You'll have to watch the series finale of Xiolin Showdown to understand why the team has that particular name.

That all said, it could be fun to see a team using blatantly magical artifacts; especially when it comes to each of their weapons of choice. Especially their Wudai Weapons; see the episode Treasure of the Blind Swordsman. But each of them also has a preferred Shen Gong Wu; notice that these are somewhat different from the Wudai Weapons mentioned earlier.

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And leave out Dojo?

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He's a special case, and technically more of an observer/guide

Besides, Teams in RWBY tend primarily tend to be made up of 4 individuals.

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I'm going to assume their semblances would be something related to their elements?

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That's what I'm assuming too

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Raimundo maybe can generate gusts of wind.
Omi... freezing touch? That or can breathe underwater.
Clay has boosted strength when touching ground.
And Kimiko, take your pick of fire based powers. I'm going with burning semblance that gets hotter the angrier she gets.