The parametrization represents an ellipse centered at the origin, albeit tilted with respect to the axes. (You can demonstrate by plotting a few for yourself.) The general form of this ellipse is
$$A x^2 + B x y + C y^2 = 1$$
The idea is to find the coefficients; this is done by expanding the sines and forming $x^2$, $y^2$, and $x y$. I leave the algebra to the reader; I get
$$\left (\begin{array} \\ \cos^2{a} & \cos{a} \cos{b} & \cos^2{b} \\ \cos{2 a} & \cos{(a+b)} & \cos{2 b} \\\sin{2 a} & \sin{(a+b)} & \sin{2 b} \end{array}\right ) \cdot \left ( \begin{array}\\A\\B\\C \end{array} \right ) = \left ( \begin{array}\\1\\0\\0 \end{array} \right )$$
One nontrivial point I should mention is that you get coefficients of $\sin^2{t}$, $\cos^2{t}$, and $\sin{t} \cos{t}$. To get an expression that can be set to $1$ on the RHS, I took $\cos^2{t} = 1-\sin^2{t}$ and that did the trick. You then get an expression independent of $t$ set to $1$, a coefficient of $\sin^2{t}$ set to zero, and a coefficient of $\sin{t} \cos{t}$, set to zero.
Inverting this matrix and performing the multiplication by the RHS, then rearranging the resulting equation for the ellipse, I get
$$x^2+y^2-2 \cos{(a-b)} x y = \sin^2{(a-b)}$$
as the sought ellipse. Note that this is indeed an ellipse because $\cos^2{(a-b)} < 1$.
I also note that one finds parametrization like this in discussions of elliptical polarization of light. Note that when $a-b = \pi/2$, the expression reduces to a circle; this is what physicists call circular polarization.