Replication between two 2012 Hyper-V hosts that aren’t members of a domain is a little more complicated than the domain-joined route. Between two resources, you should be able to get this set up with a minimum of fuss, however.
An excellent, step by step guide: http://blog.powerbiz.net.au/hyperv/how-to-set-up-hyper-v-replica-for-small-businesses/
The only shortcoming here is that if you plan to do this replication as a kind of internal-only disaster recovery option, buying SSL certificates might not be worth it (although the certs you would need are pretty cheap). This is particularly true if you’re just testing and don’t want to spend money on certificates you’ll be throwing away.
Implementing self-signed certs is pretty easy as well. There’s a decent, though flawed, guide from Microsoft here: http://technet.microsoft.com/en-us/library/jj134153.aspx#BKMK_1_5
The flaws are a couple of typos, and a registry key not included that your environment may require. Check the comments for the extra information you’ll need.
Note that you need the makecert.exe tool from the Windows SDK. If you don’t have this (or Visual Studio) it’s a quick and easy install.
I came across one infuriating gotcha, in that I ran the makecert.exe tool from a PowerShell window, and on the longer commands received errors about too many parameters. Hunting around for solutions led me up the garden path chasing improperly coded dashes. The solution is much easier: run this from an elevated command prompt, not from PowerShell. Worked for me straight up.