There isn't a way to split by specific byte sizes; but there are documented methods for reading a file in "chunks" - see section 4.3 entitled "Reading Only Specific Columns and Rows from a File (Read Filters)"
of the PHPExcel User documentation for reading spreadsheet files for an explanation and example code.
You also don't mention if you are using cell caching to reduce memory usage; but that is described in section 4.2.1 entitled Cell Caching
of the developer documentation, and also intended to reduce the memory footprint of large files