Babylon 5 is the Silmarillion...

more or less, be it on a universal scale.

1. Mimbari belief that the Universe is conscious and it has created sentient life to answer questions about itself, kinda like Eru.

2. First Ones ( Shadows, Vorlons e.t.c ) are the Elves, the First Born.

3. Younger races e.g Humans, Mimbari, Sentari, Nanrns are Men the followers.

4. The majority of the First Ones crossed the rim millions of years ago ( Eldar ) but the Shadows and the Vorlons stayed behind ( Sindar )

5. The 1st war with the Shadows is the war against Morgoth.

6. The Earth civil war and its attempts to dominate the Mars colony is the downfall of Numenor and their enslavement of the men of Middle Earth.

7. The Shadows return, Sauron's attempt to enslave the people of Middle Earth.

8. The Shadows finaly defeated and the Last of the First Ones cross the rim leaving the Galaxy to the Young races. The last of the Elves leave Middle Earth to Valinor heralding the time of men.

I've missed quite a few things I know like 'Lorien' but I think that's the jist of it.
Maybe this is common knowledge to the rest of you but I finaly pieced it together after watching a few re-runs.