Pinhole camera model includes a principal point (just to be clear, it appears here: http://en.wikipedia.org/wiki/Pinhole_camera_model)
Is there a way to set these camera param s.t. it will be used for rendering an image?
I'm not entirely sure what you're looking for, but it sounds like the lens's Shift properties.
Here's the default settings:
And here's the same camera with an X-axis shift of 0.2:
Note that this is not the same as simply rotating the camera - adjusting the Shift doesn't change the perspective. You can think of it as if you had a larger image and you cropped a side of it off.
The Cycles render engine is so realistic, you can create your own pinhole camera (http://bensimonds.com/2013/03/04/cycles-experiment-pinhole-camera/). While this is cool, what I think your really asking is how to set the center of the image(or maybe the exposure):
A point R at the intersection of the optical axis and the image plane. This point is referred to as the principal point or image center. (Wikipedia)
You can set the center of the image by positioning the camera (use ShiftF to fly the camera).
If you're talking about exposure (how much light is allowed to touch the film), you can change that in the Cycles render panel under film: