Qt-5 includes an example of an elided label class which may be a useful reference when implementing your own.
From the example:
elidedlabel.h:
class ElidedLabel : public QFrame
{
    Q_OBJECT
    Q_PROPERTY(QString text READ text WRITE setText)
    Q_PROPERTY(bool isElided READ isElided)
public:
    explicit ElidedLabel(const QString &text, QWidget *parent = 0);
    void setText(const QString &text);
    const QString & text() const { return content; }
    bool isElided() const { return elided; }
protected:
    void paintEvent(QPaintEvent *event) Q_DECL_OVERRIDE;
signals:
    void elisionChanged(bool elided);
private:
    bool elided;
    QString content;
};
elidedlabel.cpp:
ElidedLabel::ElidedLabel(const QString &text, QWidget *parent)
    : QFrame(parent)
    , elided(false)
    , content(text)
{
    setSizePolicy(QSizePolicy::Expanding, QSizePolicy::Preferred);
}
void ElidedLabel::setText(const QString &newText)
{
    content = newText;
    update();
}
void ElidedLabel::paintEvent(QPaintEvent *event)
{
    QFrame::paintEvent(event);
    QPainter painter(this);
    QFontMetrics fontMetrics = painter.fontMetrics();
    bool didElide = false;
    int lineSpacing = fontMetrics.lineSpacing();
    int y = 0;
    QTextLayout textLayout(content, painter.font());
    textLayout.beginLayout();
    forever {
        QTextLine line = textLayout.createLine();
        if (!line.isValid())
            break;
        line.setLineWidth(width());
        int nextLineY = y + lineSpacing;
        if (height() >= nextLineY + lineSpacing) {
            line.draw(&painter, QPoint(0, y));
            y = nextLineY;
            //! [2]
            //! [3]
        } else {
            QString lastLine = content.mid(line.textStart());
            QString elidedLastLine = fontMetrics.elidedText(lastLine, Qt::ElideRight, width());
            painter.drawText(QPoint(0, y + fontMetrics.ascent()), elidedLastLine);
            line = textLayout.createLine();
            didElide = line.isValid();
            break;
        }
    }
    textLayout.endLayout();
    if (didElide != elided) {
        elided = didElide;
        emit elisionChanged(didElide);
    }
}