There is another way. Please add two following lines before -vmargs in the .ini file:
-vm
{YOUR_JAVA_7_HOME}/jre/lib/server/libjvm.dylib
(remember these need to be separate lines) and also add a corresponding entry in ‘Info.plist’ file (add or modify array items under “Eclipse” key – each string child element corresponds to a command line parameter).
...
<key>Eclipse</key>
<array>
<string>-vm</string>
<string>/{MY_VM_HOME}/jre/lib/server/libjvm.dylib</string>
...
</array>
Alternatively just use -vm {YOUR_JAVA_7_HOME}/lib/server/libjvm.dylib
command line parameter when running eclipse from terminal.