I would choose two unit perpendicular vectors v, w, which define the plane on which to orbit, then loop over an angle and select the correct ratio of these vectors v and w to construct your vector p = av + bw.
More information is coming.
EDIT:
It may be useful.
http://en.wikipedia.org/wiki/Orbit_equation
EDIT: I think it really is
center + sin (angle) * v * radius1 + cos (angle) * w * radius2
Here v and w are your unit vectors for the circle.
In 2D, they were (1,0) and (0,1).
In 3D, you will need to calculate them - it depends on the orientation of the plane.
If you set radius 1 = radius 2, you get a circle. Otherwise, you should get an ellipse.
source share