Another way of representing an ellipse is by a parametric equation:
$$
E(t)=M+\vec a\cos t+\vec b\sin t,
$$
where $M$ is the centre of the ellipse,
vectors $\vec a$ and $\vec b$ are the semi-major axis and semi-minor axis. Let's find it in this case.
The major axis of the ellipse lies on a plane $Q$ passing through the axis of the cone and perpendicular to the plane of the ellipse. In the case at hand, the equation of $Q$ is
$$
Q=\{(x,y,z) \in \Bbb R^3 \mid y=2x\}.
$$
The intersections between $Q$, $P$ and $C$ are then the vertices of the ellipse (endpoints of its major axis), which can thus be found
$$
A=\left({-1-\sqrt5\over4},{-1-\sqrt5\over2},{5+\sqrt5\over4} \right),
\quad
B=\left({-1+\sqrt5\over4},{-1+\sqrt5\over2},{5-\sqrt5\over4} \right).
$$
The centre $M$ of the ellipse is the midpoint of $AB$:
$$
M={1\over4}(-1,-2,5)
$$
and vector $\vec a=A-M$ is then:
$$
\vec a={\sqrt5\over4}(-1,-2,1).
$$
To find vector $\vec b$ note first of all that it is perpendicular to $\vec a$ and to the axis of the cone, i.e. $\vec b\propto (2,-1,0)$. Its module can be found (as explained here) from
$$
b^2=\overline{OA}\cdot \overline{OB}\cdot\sin^2 u,
$$
where $O=(0,0,0)$ is the vertex of the cone and $u=45°$ is its semi-aperture.
This gives: $b^2=5/4$, hence:
$$
\vec b={1\over2}(2,-1,0).
$$
A parametric equation of the ellipse can then be written as explained above.