The desired curve is defined as curve02 below :
ClearAll["Global`*"]; R = 48.78; r = 8.13; z1 = R/r; z2 = 1 - z1; e = 7.05; f = r/e; re = 12.6; θ = ArcTan[Sin[z1 τ]/(f + Cos[z1 τ])] - τ; φ = ArcSin[f Sin[θ + τ]] - θ; ψ = z1/(z1 - 1) φ; curve01 = {(R - r) Sin[τ] + e Sin[z2 τ] - re Sin[θ], (R - r) Cos[τ] - e Cos[z2 τ] + re Cos[θ]} // FullSimplify; curve02 = {curve01[[1]] Cos[φ - ψ] - curve01[[2]] Sin[φ - ψ] - e Sin[ψ], curve01[[1]] Sin[φ - ψ] + curve01[[2]] Cos[φ - ψ] - e Cos[ψ]} // Simplify; ParametricPlot[Evaluate[curve02], {τ, 0, 5 π}, Exclusions -> None, MaxRecursion -> 15, PlotPoints -> 1000] which can be visualized as:

How to obtain the area of its enclosed region? update
Green's theorem can solve another similar problem with high accuracy but does not suit this one, below is an example:
I tried to rewrite your original curve as below, just in order to make sure the derivatives of the parametric form can be obtained by Mathematica by avoiding Abs or Sign:
ncurve={(Cos[t]^2 )^(1/4),(Sin[t]^2)^(1/4)} Then the numerical result of the closed area can be obtained by applying Green's theorem:
4*Quiet@NIntegrate[ncurve[[1]] D[ncurve[[2]], t], {t, 0, Pi/2}] // NumberForm[#, 15] & which gives:
3.708149351621483


