How do I render content from a wp_editor in a plugin setting field?

the_content filter can be used to filter the content after it is retrieved from the database and before it is printed to the screen.
The Core filters on the_content are:

add_filter( 'the_content', 'wptexturize'        );  
add_filter( 'the_content', 'convert_smilies'    );
add_filter( 'the_content', 'convert_chars'      );
add_filter( 'the_content', 'wpautop'            );
add_filter( 'the_content', 'shortcode_unautop'  );
add_filter( 'the_content', 'prepend_attachment' );

Reference to some of above filters:
http://codex.wordpress.org/Function_Reference/wptexturize
http://codex.wordpress.org/Function_Reference/convert_smilies
http://codex.wordpress.org/Function_Reference/wpautop

In general; this should get your job done.

function my_messages_shortcode($atts = [], $content = NULL, $tag = '') {
    return apply_filters('the_content', get_option('my_failure_message') );
}