How to draw an elliptical PAD in Eagle
Strictly speaking, Eagle does not have an option to place an elliptical pad. However, there is a "Roundness" property that can be used to very closely approximate an ellipse. Place a rectangular pad, click the info button , and select the pad.

  

The Roundness property has the effect of rounding the corners. You can choose a percentage between 0% and 100%. Near 100% makes a rectangle similar to an ellipse.

Here's the progression of roundness for a pad using similar dimensions as your drawing above: