Velma \v(e)-lma, vel-ma\ as a girl's name is pronounced VEL-ma. It is of English origin. Variant of Wilma (German) "determined protector". Also possibly a variant of either Selma or Thelma, or possibly a combination of the two.
Velma has 3 variant forms: Valma, Vehlma and Vellma.
For more information, see also the related name Wilhelmina.