The high-resolution optical region spectroscopic data of the symbiotic nova AG Peg secured with the Hamilton Echelle Spectrograph at the Lick Observatory, have been analyzed along with the International Ultraviolet Explorer UV archive data. We measure about 700 line intensities in the wavelengths of 3859 to $9230{AA}$ and identify about 300 lines. We construct pure photoionization models that represent the observed lines and the physical condition for this symbiotic nova. The spectral energy distribution of the ionizing radiation is adopted from stellar model atmospheres. Based on photoionization models, we derive the elemental abundances; C & N appear to be similar to be smaller than the Galactic planetary nebular value while O is enhanced. Our result is compared with the Contini (1997, 2003) who analyzed the UV region spectral data with the shock + ionization model. The Fe abundance appears to be enhanced than that of normal planetary nebulae, which suggests that AG Peg may have formed in the Galactic disk. The models indicate that the temperature of the central star which excite the shell gas may have fluctuated to an unexpected extent during the years 1998 - 2002.