Note: As already noted by @ZilinJ the Fundamental Theorem of Symmetric Polynomials guarantees the unique representation of symmetric polynomials $P(x_1,\ldots,x_n)$ as polynomial $Q$ in the elementary symmetric polynomials $e_1,e_2,\ldots,e_n$ in $n$ variables
\begin{align*}
P(x_1,x_2, \ldots,x_n)=Q(e_1,e_2,\ldots,e_n)
\end{align*}
with
\begin{align*}
e_1&=e_1(x_1,\ldots,x_n)=x_1+x_2+\cdots+x_n\\
e_2&=e_2(x_1,\ldots,x_n)=x_1x_2+x_1x_3+\cdots+x_{n-1}x_n\\
&\ldots\\
e_n&=e_n(x_1,\ldots,x_n)=x_1x_2\cdots x_n
\end{align*}
$$$$
This answer introduces a method to systematically transform a symmetric polynomial into a polynomial representation by elementary symmetric polynomials. It's based on Paul Garrets algebra course section $15$ Symmetric polynomials.
Let's start with OPs example and then continue with a slightly more complex one in order to better see how the method works.
OPs symmetric polynomial $P(a,b)$ is
\begin{align*}
P(a,b)&=(a^4+b^4)(a^2+b^2)-(a^3+b^3)^2\\
&=a^4b^2-2a^3b^3+a^2b^4\\
&=a^2b^2(a^2-2ab+b^2)
\end{align*}
We consider the elementary symmetric polynomials in $2$ variables $a,b$:
\begin{align*}
e_1&=e_1(a,b)=a+b\\
e_2&=e_2(a,b)=ab
\end{align*}
We observe, that a factor of $P(a,b)$ is already given as symmetric polynomial
\begin{align*}
P(a,b)=e_2(a,b)^2\cdot(a^2-2ab+b^2)
\end{align*}
and we put the focus on
\begin{align*}
f(a,b)=a^2-2ab+b^2
\end{align*}
The method:
If it's obvious to represent $f(a,b)$ via elementary symmetric polynomials we are finished. Otherwise simplify $f(a,b)$ by setting the variable $b=0$. This reduces the number of variables by one and wie obtain a function
\begin{align*}
q(a):=f(a,0)=a^2
\end{align*}
Find a representation of the polynomial $q(a)$ as polynomial $Q(a)$ in elementary symmetric polynomials $e_1(a)=a$
\begin{align*}
q(a)=Q(e_1(a))=e_1(a)^2=a^2
\end{align*}
Consider the polynomial $g(a,b)$ with
\begin{align*}
g(a,b)=Q(e_1(a,b))=e_1(a,b)^2
\end{align*}
Then
\begin{align*}
\frac{f(a,b)-g(a,b)}{e_2(a,b)}=\frac{a^2-2ab+b^2-(a+b)^2}{ab}=-4\tag{1}
\end{align*}
is a polynomial of lower total degree than $f$. Now apply the method on this polynomial with lower degree.
Since the polynomial $-4$ is already simple enough, we can calculate $f(a,b)$ as
\begin{align*}
f(a,b)=-4e_2(a,b)+g(a,b)=-4e_2(a,b)+e_1(a,b)^2
\end{align*}
We finally obtain a representation of OPs polynomial $P(a,b)$ according to (1) as polynomial of elementary symmetric polynomials
\begin{align*}
P(a,b)&=e_2(a,b)^2\cdot(-4e_2(a,b)+e_1(a,b)^2)\\
&=-4e_2(a,b)^3+e_2(a,b)\cdot e_1(a,b)^2\\
&=-4(ab)^3+(ab)^2(a+b)^2
\end{align*}
Second example: $f_1(a,b,c)=a^3+b^3+c^3$
We show
\begin{align*}
f_1(a,b,c)&=3e_3(a,b,c)-3e_2(a,b,c)e_1(a,b,c)+e_1(a,b,c)^3\\
&=3(abc)-3(ab+ac+bc)(a+b+c)+(a+b+c)^3
\end{align*}
We calculate this slightly more complex example by applying the method in two steps.
We consider the elementary symmetric polynomials in $3$ variables $a,b,c$:
\begin{align*}
e_1&=e_1(a,b,c)=a+b+c\\
e_2&=e_2(a,b,c)=ab+ac+bc\\
e_3&=e_3(a,b,c)=abc\\
\end{align*}
The method:
Step $1$:
It is not obvious to represent $f_1(a,b,c)$ via elementary symmetrical polynomials and so we apply the method by setting the variable $c=0$.
This reduces the number of variables by one and we obtain a function
\begin{align*}
q_1(a,b):=f_1(a,b,0)=a^3+b^3
\end{align*}
Step $2$:
According to the method we should find a representation of the polynomial $q_1(a,b)$ as polynomial $Q_1(a,b)$ in elementary symmetric polynomials $e_1(a,b)$ and $e_2(a,b)$.
Since we don't see a representation immediately, we consider $q_1(a,b)$ as polynomial $f_2(a,b):=q_1(a,b)$ and apply the first part of the method again.
$$$$
We start with
\begin{align*}
f_2(a,b)=a^3+b^3
\end{align*}
We again reduce the number of variables by one and we obtain a function
\begin{align*}
q_2(a):=f_2(a,0)=a^3
\end{align*}
Now it's easy to see, that $q_2(a)$ can be represented via the elementary symmetric polynomial $e_1(a)=a$
\begin{align*}
q_2(a)=Q_2(e_1(a))=e_1(a)^3=a^3
\end{align*}
We consider the polynomial $g_2(a,b)$ with
\begin{align*}
g_2(a,b)=Q_2(e_1(a,b))=e_1(a,b)^3=(a+b)^3
\end{align*}
Then
\begin{align*}
\frac{f_2(a,b)-g_2(a,b)}{e_2(a,b)}=\frac{a^3+b^3-(a+b)^3}{ab}=-3(a+b)=-3e_1(a,b)\tag{2}
\end{align*}
is a polynomial of lower total degree than $f_2$.
We observe according to (2)
\begin{align*}
f_2(a,b)=-3e_1(a,b)e_2(a,b)+g_2(a,b)=-3e_1(a,b)e_2(a,b)+e_1(a,b)^3\tag{3}
\end{align*}
We have systematically found a representation of $q_1(a,b)=f_2(a,b)$ as polynomial of elementary symmetric polynomials and go on with step 1.
Step $1$ continued:
Since $q_1(a,b)=a^3+b^3=f_2(a,b)$ we obtain according to (3)
\begin{align*}
q_1(a,b)=-3e_1(a,b)e_2(a,b)+e_1(a,b)^3
\end{align*}
we go on with defining
\begin{align*}
g_1(a,b,c)&=-3e_2(a,b,c)e_1(a,b,c)+e_1(a,b,c)^3\\
&=-3(ab+ac+bc)(a+b+c)+(a+b+c)^3\\
&=a^3+b^3+c^3-3abc
\end{align*}
We calculate
\begin{align*}
\frac{f_1(a,b,c)-g_1(a,b,c)}{e_3(a,b,c)}&=\frac{f_1(a,b,c)+3e_2(a,b,c)e_1(a,b,c)-e_1(a,b,c)^3}{abc}\\
&=\frac{(a^3+b^3+c^3)-(a^3+b^3+c^3-3abc_)}{abc}\\
&=3\\
\end{align*}
and we finally conclude
\begin{align*}
f_1(a,b,c)&=3e_3(a,b,c)+g_1(a,b,c)\\
&=3e_3(a,b,c)-3e_2(a,b,c)e_1(a,b,c)+e_1(a,b,c)^3\\
&=3(abc)-3(ab+ac+bc)(a+b+c)+(a+b+c)^3
\end{align*}