Step 1: Interpret the problem.
We are asked to find the number of elements \( \tau \in S_4 \) such that \( \tau \circ \sigma^{-1} = \sigma \), which is equivalent to:
\[
\tau = \sigma \circ \sigma.
\]
Thus, we need to find the number of permutations \( \tau \) such that \( \tau \) satisfies this condition.
Step 2: Calculate the number of valid \( \tau \).
By analyzing the structure of \( \sigma \), we find that there are 2 valid permutations \( \tau \) that satisfy the given equation.
Final Answer:
\[
\boxed{2}.
\]