Why do you use RectF to draw a circle? Is it a 'true' circle, or is it really oval / ellipse?
If it's just a circle, why don't you use this.
canvas.drawCircle(x, y, radius, paint);
So you won't need to transform Rectf's points if it's tilted :)
update:
I believe this should work, I don't have an android workflow setup with me to really test it; sorry if it's a miss.
Matrix m = new Matrix(); //creates identity matrix
m.setRotate(tilt_angle); //rotate it by the tilt angle
m.mapRect(ovalBounds); //transform the rect