First thing to do is to scale the ellipse, and its directrix lines by a factor of $(1/a)$ horizontally, and $(1/b)$ vertically. This will turn the ellipse into a unit circle, and will place the lines at $x = \pm \dfrac{1}{e} $.
In this transformed figure, if you have a tangent line whose direction vector is $ u = (\cos \theta , \sin \theta) $, then its normal vector will be $ n = (-\sin \theta, \cos \theta) $. Tangency will occur at $ r_1 = n $, and the equation of the tangent is
$ p(t) = n + t u = (- \sin \theta + t \cos \theta, \cos \theta + t \sin \theta) $
Vertices $A$ and $B$ as shown in the figure below, are determined by setting $ x = \dfrac{1}{e} $ and $ x = - \dfrac{1}{e} $. This gives
$ A = ( \dfrac{1}{e} , \dfrac{1}{\cos \theta} (1 + \sin \theta /e ) )$
$ B = ( - \dfrac{1}{e} , \dfrac{1}{\cos \theta} (1 - \sin \theta / e )) $
And we have the distances $c_1$ between $r_1$ and $A$, and the distance $c_2$ between $r_1$ and $B$ given by
$ c_1 = \dfrac{1}{\cos \theta} ( \dfrac{1}{e} + \sin \theta ) $
$ c_2 = \dfrac{1}{\cos \theta} ( \dfrac{1}{e} - \sin \theta ) $

Note that our circle is the incircle of the $\triangle ABC$, therefore, its center (which is the origin) satisfies
$ \mathbf{0} = \dfrac{c_2 + x }{2 c + 2 x } A + \dfrac{c_1 + x}{2 c + 2 x} B + \dfrac{c }{2 c + 2 x} C $
where $ c = c_1 + c_2 $
Multiplying through by $(2 c + 2 x ) $ gives
$ \mathbf{0} = (c_2 + x) A + (c_1 + x) B + c C $
Substituting $A = n + c_1 u $ and $ B = n - c_2 u $ gives
$ \mathbf{0} = (c_2 + x) (n + c_1 u) + (c_1 + x) (n - c_2 u) + c C $
which simplifies to
$ \mathbf{0} = (c + 2 x ) n + x (c_1 - c_2 ) u + c C $
Since, $n$ and $u$ are orthogonal unit vectors, it is convenient to find the components of $C$ onto them.
Dot the above expression with $n$. This gives
$ 0 = (c + 2 x) + c C_n $
Similarly, if we dot the above expression with $u$, we'll get
$ 0 = x (c_1 - c_2) + c C_u $
So that
$ C_n = - \dfrac{c + 2 x}{c} $
$ C_u = - \dfrac{x (c_1 - c_2) }{c} $
which are in terms of $x$. To find $x$, note that $|CA| = c_1 + x $, but
$ C = C_n n + C_u u = \left(- \dfrac{c + 2 x}{c}\right) n + \left( - \dfrac{x (c_1 - c_2) }{c} \right) u $
And
$ A = n + c_1 u $
Therefore,
$ C - A = \left( -2 - 2 \dfrac{x}{c} \right) n + \left( \dfrac{x}{c} (c_2 - c_1) - c_1 \right) u $
Hence,
$ (c_1 + x)^2 = \left( -2 - 2 \dfrac{x}{c} \right)^2 + \left( \dfrac{x}{c} (c_2 - c_1) - c_1 \right)^2 $
Solving this quadratic equation gives,
$ \dfrac{x}{c} = \dfrac{1}{c_1 c_2 - 1} $
Therefore, the third vertex coordinates are
$ C = \left(-1 - 2 \dfrac{x}{c} \right) n + \left( \dfrac{x}{c} (c_2 - c_1) \right) u $
Substituting for $ \dfrac{x}{c} $ gives
$ C = \dfrac{ -1 - c_1 c_1 }{c_1 c_2 - 1 } n + \dfrac{ c_2 - c_1 }{ c_1 c_2 - 1} u $
Substituting the followign quantities as derirved above
$ c_1 = \dfrac{1}{\cos \theta} ( \dfrac{1}{e} + \sin \theta ) $
$ c_2 = \dfrac{1}{\cos \theta} ( \dfrac{1}{e} - \sin \theta ) $
$ n = ( - \sin \theta, \cos \theta ) $
$ u = (\cos \theta, \sin \theta ) $
And simplifying gives,
$ C = \left( \sin \theta , - \dfrac{(e^2 + 1)}{ (1 - e^2)} \cos \theta \right) $
This is the equation of an ellipse with semi-minor axis length $1$ (along the $x$ axis) and semi-major axis length of $\dfrac{ (e^2+1)}{(1 - e^2)} $ along the $y$ axis.
Since we started with an ellipse, we have to scale this locus of $C$ (the ellipse with the specified semi-minor and semi-major axes lenths) horizontally and vertically by $a$ and $b$ respectively. This will turn it into an ellipse with a semi-minor (horizontal) axis of length $a$, and a semi-major (vertical) axis of length $b \dfrac{ (e^2+1)}{(1 - e^2)} $.
The locus for the third vertex of the circumscribed triangle about an ellipse with $a = 5, b = 3$ (shown in blue) is the ellipse shown in red in the figure below. The two directrices are shown in black.
