I was wondering the same thing. Based on some private tournaments I played with friends, I think this is the current rules:
1) Opponents points. For every match it adds how many points the opponents had at the end of the tournament. So it ranks how good a player is based on the number of points he made, and it tie break in favor of players that had played against the more difficult players.
2) Opponents average ELO. If that still a tie (in our private tournaments it almost always is, because we play the same matches against each other), then it should average the ELO of the players you play against. But as I think it was mentioned in other post, this doesn't seem to be calculated correctly. It looks like instead of averaging the ELO by adding the ELO of each one and dividing by the number of players, instead it seems to be multiplying by the number of players, which messes it up the computation specially in tournaments when the number of players per match can be different (like we tried to do in one of our tournaments, where we would play 3 player + 2 player match each round).
You can see these values pressing the + sign at the bottom of the tournament.

- Tournament.png (4.88 KiB) Viewed 1009 times
Again, this is just me guessing based on the data I have seen so far.