In a word, don't :-)
MediaElement.Position is very attractive because it's pretty common to display some UI to show an indicator displaying where you're up to within a particular video.
MediaElement.Position is of type TimeSpan and it's a DependencyProperty so it looks ripe for binding. However, it won't work.
I've asked around and one of the reasons why it doesn't work is that it's actually quite a high resolution value ( I'm advised of the order tracking at 100ns intervals ) and so if you databound to it then you'd be getting an awful lot of updates.
So...if you need to display where you're up to within a video then it might be advisable to use a Storyboard that goes from 0 to the duration of the video and animate some property (e.g. value of a thumb on a slider) based on that.
Alternatively, you could use a timer and poll the Position value every so often.