I've been on both sides of this issue during my studies. Currently, I've found what I believe to be an answer that is sufficient for me.
While God knows what decisions we will make with our free will... God isn't the one who has locked us into our destiny. He is very much the omniscient observer.
However, He has a plan of salvation for all who will choose to come to Him, the Gospel. Christ is central to this plan. Christ is predestined for glory and honor. Therefore, all who choose Christ and abide in Him will partake in that predestined glory. Christ alone is the elect, therefore all who choose and abide in Christ will partake in Christ's glorious election. Those who fail to choose Christ or to abide in Christ will fail the grace of God and forfeit their election and predestined glory.
This view is known as Corporate Election. Analogy for corporate election and predestination:
The relationship of corporate election and predestination could be compared to a ship (i.e., the church, the body of Christ) on its way to its future and final destination (i.e., conformity to the image of Christ). The ship is chosen by God to be his very own vessel. Christ is the chosen Captain and Pilot of this chosen ship. God desires that everyone would come aboard this ship and has graciously made provisions for them to do so through its Captain. Only those who place their trust in the Captain of the ship are welcomed to come on board. As long as they remain on the ship, through a living faith in the ship's Captain, they are among the elect. If they choose to abandon the ship and its Captain through unbelief, they cease to be among the elect. Election is experienced only in union with the Captain and his ship. Predestination tells us about the ship's future direction and final destination that God has prepared for those remaining on it. God, out of his immense love, invites everyone to come aboard the ship through faith in the ship's Captain, Jesus Christ.
What I like about this is that it theologically preserves both God's sovereign will and human free will as it relates to divine election. Christ is elect (chosen) and predestined for glory. We partake in that election and predestination unto salvation when we make the choice to be found in Him.
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