Light is a well-known electromagnetic wave that propagates, transmits, reflects, and polarizes in any medium. Waves have a huge technical impact as a determinant of human life because of their qualities. Using real geometrical Earth’s magnetic field, this article investigates the latitude and seasonal fluctuation of polarization magnitude of a polarized characteristic wave (no electric flux in the wave’s propagation direction) in the ionospheric plasma (the examined conditions). Both the volume polarization and wave polarization have been solved analytically in the ionospheric plasma, taking into account the accepted parameters. Furthermore, the volume and wave polarization were mathematically proven to be connected, and numerical wave polarization values were produced in the ionospheric plasma under the considered parameters. When a magnetic field operates on a medium, it causes the medium to become anisotropic. The wave polarization is ecliptic and the electric field vector does not sweep a circle as understood from analytical solutions when the Earth’s magnetic field and particle collisions are taken into account. There is a real and an imaginary element to the wave’s electric field ratio (E x/E y = a + ib). The real and imaginary parts of wave polarization in the x and y planes form the shape of the elliptic structure, and the real component is associated with advancing, while the imaginary part is related to attentiveness. The ionosphere of Earth, all physical parameters, such as refractive index, dielectric structure, and conductivity, have a complicated structure. According to the study, the real part of the polarization of the characteristic wave is related to the absorption coefficient and the imaginary part is proportional to the refractive index of the medium.