Do you have the round stock standing up on end, or lying down along its side?
If standing on end - Eyeball the approximate center. Use a center finder in the X direction to find the edges, set zero halfway between, and move the table in X to that position. Now repeat the process in the Y direction. To refine/verify the X position of the center point, repeat the X procedure with the table at Y zero.
If lying on its side - For a "pretty good" center (assuming it's centerline is oriented in the X direction; change procedure as needed if the axis is lined up with Y), I use a device like the one
@mirage100 posted ... but I do the "measurement" in four different ways, noting the Y position each time, then use the average of the four. The four ways: 1. Set up the indicator with the table a bit "forward" of center. Move Y from the front to the back, noting when the marks are lined up. 2. Repeat this, starting with the indicator "behind" center. 3. Raise the spindle, rotate the indicator 180º, repeat step 1. 4. Repeat step 2. The two marks you're trying to line up visually are probably something like 0.020" wide, so perfect alignment can be difficult. By doing the 4 measurements and averaging, you minimize the error.
If lying on its side - For an "exact" center, use a 1/2" diameter center finder, like
www.shars.com
and touch off each side at its widest point (ie, along the horizontal diameter); set zero halfway between.