Trochoidal milling is an efficient strategy for the rough machining of difficult-to-cut materials. The true trochoidal toolpath has C2 continuity and avoids sharp changes in engagement angle and cutting load, resulting in smooth machine tool movement. However, its total length is too long, and its engagement angle is uneven. These factors limit further improvements in the material removal rate. Based on the true trochoidal toolpath model, this paper develops an ellipse-based trochoidal toolpath generation method by introducing a compression ratio in the trochoidal step direction. The analytical model of engagement angle and the mechanistic model of the cutting force are proposed. A series of simulations and milling experiments were conducted to analyze the effects of toolpath parameters on the engagement angle and the cutting force. The results show that the compression ratio has the most significant effects. A compression ratio of 50% is optimal, using which the total toolpath length is reduced by 34.0%, and the variance of the engagement angle is reduced by 31.2% compared with that of the true trochoidal toolpath. The profile of the total cutting force corresponds to that of the engagement angle.