Create Elliptical renderTarget view

The reason why I am suggesting you to take this class, because with the same technique we creating reflections. But they also mirroring camera and change it to virtual one.

This topic described in book by Eric Lengyel. Mathematics for 3D game programming and computer graphics page ~120. And also you can see comment in this class

// Now update projection matrix with new clip plane, implementing code from: http://www.terathon.com/code/oblique.html
// Paper explaining this technique: http://www.terathon.com/lengyel/Lengyel-Oblique.pdf

You can just take a rectangle place it on the portal, hack mirror class and than add transparency on edges to make it look like ellipse. In this way, you can minimize rendering on scene. Another approach is to use depth masking https://threejs.org/examples/?q=mask#webgl_postprocessing_masking .