A magnetic cataclysmic variable has a rotating magnetic white dwarf which accretes matter from its late type companion. Kim & Beuermann (1995) presented a phenomenological model of the accretion from its surrounding structure e.g., a disk into the magnetosphere of the white dwarf, and presented results for the spin modulated X-ray spectrum and light curves. Using this model, we calculate the optical continuum and line emission which result from reprocessing of X-rays in the accretion stream within the magnetosphere. Penning (1985) suggested the observed spin-modulated radial-velocity variations might result from reprocession of X-rays in the disk. We, however, find the radiation can be originated from the magnetosphere accretion stream. We use the same geometrical model to calculate the optical and the X-ray behaviour. The results from the two wavelength bands are internally consistent. We conclude that this approach will increase the diagnostic accuracies of the results.