It's not supported. Here's an issue on the pandoc bug tracker. Pandoc uses bibutils to read bibtex databases, converting them to MODS XML which is then read by citeproc-hs. Unfortunately, MODS doesn't have any way of representing math. And bibutils doesn't recognize math in bibtex. So there's no clear solution at the moment -- short of writing a bibtex parser from scratch that uses pandoc to convert LaTeX in fields -- maybe not a bad idea!
The upcoming 1.12 release of pandoc will allow you to include your citation database in a YAML form inside the document itself (or in a separate file). When citations are included this way, simple math will be supported, as well as some other kinds of markup. There will be a tool for converting an existing bibtex database to the YAML form, though because tool, like pandoc, uses bibutils, it won't convert math, and you'll have to modify that later.