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I have made an ellipse. I would like to place text around the
inside of the ellipse so that the text letters form a circle.

Object New Drawing, then choose "TextArt..." from the submenu. Type your text into the box, choose font, size and effects (if desired, otherwise choose "No effects" before you decide on font and size) and click "OK". Click on the page where you want to have your text object (or draw a rectangle with the left mouse button pressed to determine the size), then right-click the object and choose "Properties..." (last entry in the context menu). Under the tab "Deformation" there is a choice of forms. Click the circle in the second row from below. Then you can adjust the size and rounding of your ellipse using the red border lines (make sure that in Properties > Format "Keep aspect ratio" is not checked).

Cheers
Jossi