You can use both margins: left and right to make it work:
HTML:
<div class="parent">
<div class="test">some pseudo-centered text some pseudo-centered text some pseudo-centered text some pseudo-centered text some pseudo-centered text</div>
</div>
CSS:
.test {
text-align: center;
white-space: nowrap;
text-overflow: ellipsis;
overflow: hidden;
margin: 0 100px;
}
A working example online can be seen here: http://jsfiddle.net/rqb3W/1/