This is how we fetch translatable strings from WPML for our options.

xl-wpml-compatibility-for-options.php

<?php   
/**
             * Compatibility with WPML
             */
            if (function_exists('icl_t')) {
                $translated_google_map_error_text = icl_t('admin_texts_xlwcty_global_settings', '[xlwcty_global_settings]google_map_error_txt', $options['google_map_error_txt']);
                $options['google_map_error_txt'] = $translated_google_map_error_text;
            }