Let's say we are given a unital algebra structure $\ast: M \times M \to M$ with unit $1_\ast$ on the module $M$ over the commutative ring $R$.
The answers to the following questions are probably well-known and standard, so if anyone knows a reference that would suffice for an answer. I am not familiar with the relevant terminology.
Questions:
Under what conditions does there exists a bilinear form $B: M \times M \to R$ such that, for all $m_1, m_2 \in M$: $$B(m_1, m_2) = B(m_1 \ast m_2 , 1_*) ? $$ E.g. should the algebra also be associative? How (if at all) does (lack of) commutativity of $\ast$ relate to (lack of) symmetry of $B$?
Under what conditions is such a bilinear form $B$ unique? Is it ever unique?
Under what conditions (on $\ast$) is the bilinear form guaranteed to be non-degenerate?
Equivalent reformulation in special case:
If/when we can assume that $B$ is non-degenerate, then (at least when $R$ is a field and $M$ is finite-dimensional) that means we have an isomorphism between $M$ and $Hom(M,R)$, so that we can essentially treat the spaces $Hom(M,M) \cong Hom(M,R) \otimes M$ and $M \otimes M$ as "the same". To be more explicit, let $\iota: M \otimes M \to Hom(M,M)$ denote the induced isomorphism. Doing so, by the universal property of the tensor product, we can essentially identify the bilinear form $M\times M \to R$ with a linear functional (the "trace") $Hom(M,M) \to R$.
Meanwhile, the algebra $*$ implicitly defines two homomorphisms $M \to Hom(M,M)$ via left- and right- multiplication (which I guess are monomorphisms if and only if $\ast$ is "cancellable"), let's say we choose left-multiplication (they're the same homomorphism of course when $\ast$ is commutative), so $m \mapsto (H_m : n \mapsto m \ast n)$, thus $H_m \in Hom(M,M)$ for all $m \in M$.
So anyway, under all those nice circumstances, the above question is equivalent to asking:
For a unital algebra $\ast$, when does there exist a linear functional $\phi: Hom(M,M) \to R$ (with related isomorphism $\iota: M \otimes M \to Hom(M,M)$) such that $$\phi(\iota(m_1 \otimes m_2)) = \phi(H_{m_1 \ast m_2}) ?$$
(Note that using left- or right-multiplication, $H_{1_\ast}$ always equals the identity $Id \in Hom(M,M)$.)
Example:
Let $M = \mathbb{R}^N$, $R = \mathbb{R}$, $\ast$ be entrywise/Hadamard multiplication, so that $1_{\ast}$ is the all-ones vector.
One can observe that, letting $B$ denote the "standard inner product" or "dot product", that, for any $v, w \in \mathbb{R}^n$, $$B(v,w) = \sum_{n} v_n w_n = \sum_{n} (v_n w_n) 1 = \sum_{n} (v \ast w)_n 1 = B(v \ast w, 1_{\ast}) \,.$$ Correspondingly, if we identify both $Hom(\mathbb{R}^N, \mathbb{R}^N)$ and $\mathbb{R}^N \otimes \mathbb{R}^N$ as $\mathbb{R}^{N \times N}$, i.e. the space of $N \times N$ real-valued matrices, then $v \otimes w$ is the "outer product", i.e. the rank-one matrix whose $(n_1, n_2)$th entry is $v_{n_1} w_{n_2}$, and the linear functional $\mathbb{R}^{N \times N} \to \mathbb{R}$ induced by $B$ is just the "standard trace", i.e. the sum of the diagonal entries of the matrix.
On the other hand, the map $\mathbb{R}^N \to \mathbb{R}^{N \times N}$ induced by $\ast$ is just the diagonalization operator $\operatorname{Diag}$, so basically the reformulation amounts to the obvious identity that for all $v, w \in \mathbb{R}^n$: $$\operatorname{trace} (v \otimes w) = \operatorname{trace}(\operatorname{Diag}(v \ast w)) \,. $$
So basically what I want to know is: are the Hadamard product and the standard inner product two structures that both just happen to exist and coincidentally "play nice" with each other? Or is there really no coincidence, i.e. things are "rigged", and one of the two structures is actually secretly "inducing" or "determining" the other "behind the scenes"? My guess is the former.
Trying to answer the question in this special case, i.e. $M = \mathbb{R}^N$, $R = \mathbb{R}$ seems to lead to a matrix equation for which it's not clear whether there are solutions in general, much less unique ones, because it involves the rank-one matrix all of whose columns are $1_{\ast}$ (for whatever $\ast$ is chosen to be). Any progress towards solving seems to require assuming that $B$ is non-degenerate so that the corresponding matrix is invertible, but I'm not confident that isn't too strong of an assumption.

Let $f:M\to R$ be any module-homomorphism. Then $B(x,y)=f(xy)$ is a bilinear map $M\times M\to R$ satisfying $B(xy,1)=B(x,y)$. Conversely, every such $B$ comes from a unique such $f$, by just defining $f(x)=B(x,1)$. So the bilinear forms you are asking about are essentially the same thing as homomorphisms $M\to R$. This makes most of your questions trivial to answer--in particular, such a bilinear form always exists (take $f=0$), but is typically not unique, or nondegenerate. There are nontrivial examples where no nonzero choice of $f$ exists, for instance if $R=\mathbb{Z}$ and $M=\mathbb{Q}$.
A unital associative algebra over a field equipped with such a bilinear form that is nondegenerate is known as a Frobenius algebra. This seems to be the notion that you are probably trying to come up with, and you can find much more information about them by searching for this term.