Hi! I saw this movie on cable TV when I was little. Here are the details the I can remember. The movie focused on a brother and sister duo. They take a journey with a bunch of companions. Fire and water were two of their companions, they were personified as ballet dancers. On the journey, they visit Father Time, who sends little children to be born by putting them in a giant flower. They meet their future baby sister there. They also journey to heaven and visit their grandparents. Any clues?

That sounds like that old shirly temple movie the blue bird of happiness

The Blue Bird (1976)
IMDb synopsis:
A pair of peasant children, Mytyl and her brother Tyltyl, are led on a magical quest for the fabulous Blue Bird of Happiness by the Fairy Berylune. On their journey, they are accompanied by the humanized presences of a Dog, a Cat, Light, Fire, Bread, and other entities.
Todd Lookinland... Tyltyl
Patsy Kensit... Mytyl
Elizabeth Taylor... Queen of Light / Mother / Witch / Maternal Love
Jane Fonda... The Night
Ava Gardner... Luxury
Cicely Tyson... Tylette
Robert Morley... Father Time
Harry Andrews... The Oak
The Blue Bird (1976) - IMDb (http://www.imdb.com/title/tt0074225/)

Here's the movie on YouTube:
The Blue Bird 1976) Elizabeth Taylor Ava Gardner Jane Fonda ( full movie ) - YouTube (http://www.youtube.com/watch?v=qMqt4JKhGy4)