Felipe is a one-time character from the episode "The Show Must Go On." He is an elephant who takes part in a ballet starring Mademoiselle Soretoza.
In the ballet, he is originally the one playing the leading male, and he was supposed to catch her. During one rehearsal, just because for some reason, he misses, she verbally discourages him (saying he'd be lucky enough to catch a cold) so much that he quits. Babar tries protesting and to get him back, but he never does.
Felipe never comes back, and so is replaced as the leading male by Lord Rataxes.