Here is how that could be done using $compile
in the context of the directive's parent scope:
app.directive('ngBindCompile',function($compile){
return {
scope:{
template: '=ngBindCompile'
},
link: function(scope,element,attrs){
var html = '<div>' + scope.template + '</div>';
var compiled = $compile(html)(scope.$parent);
element.replaceWith(compiled);
}
}
});