Essentially, you take the traditional way of mapping a sphere to 2D (like if you were to make a globe out of paper) -
http://www.gma.org/surfing/images/gores.gif - and "inflate" each eye-shaped vertical strip into a tall rectangle:
http://i.imgur.com/lkrWhE5.png
Since as a player you ever only see the world locally, in discrete 'screens', you don't have to worry about the distortion that *would* happen in a corresponding 'proper' geometrical mapping (the same reason you don't have to worry about distortion with a full-on toroidal mapping in this context).