Place a dummy init file into your $HOME directory, as ~/.emacs
with the following contents:
(setq user-emacs-directory (expand-file-name "~/Dropbox/workspaces/emacs/.emacs.d/"))
(load (locate-user-emacs-file "init.el"))
That will not only load your configuration from Dropbox, but also make various Emacs packages save their caches and histories to your Dropbox. For instance, if you are using savehist, you'll have your minibuffer history shared via Dropbox.