Choose intrinsic Cartesian coordinates in which the oblate spheroid is
Let be distance along the line of sight and let be the sky coordinate in the plane containing the line of sight and the symmetry axis. A rotation through the inclination gives
Substitution into the ellipsoid equation and minimization over , equivalently requiring the quadratic in to have zero discriminant on the projected boundary, gives
Therefore the projected axis ratio of an oblate spheroid is
It correctly gives face-on and edge-on.
If the symmetry axis of an oblate spheroid makes angle with the line of sight, its projected axis ratio satisfies
Thus a face-on spheroid appears round and an edge-on spheroid reveals its intrinsic axis ratio.