After quickly installing Office 365 Home Premium Preview, I have come to the conclusion that it doesn't have the option to install/remove individual components, either from within the Programs and Features control panel, or from the online account manager.
So, it does not appear to be possible to remove individual components from Office 365 Home Premium at this time.
(The question previously referred to Office 2013 Preview, which is somewhat different. The answer for Office 2013 Preview was:)
After you click Change in the Control Panel, the first thing you should see is a dialog asking what you want to do. Choose Add or Remove Features.
Next, you'll be presented with a list of the installed programs. To remove one, click the down arrow and you'll get a menu. Change the selection to Not Available. Once you've finished, click Continue, and the components will be uninstalled.