We report a detailed theoretical model of recently-demonstrated magnetic trap system based on a pair of magnetic tips. The model takes into account key parameters such as tip diameter, facet angle and gap separation. It yields quantitative descriptions consistent with experiments such as the vertical and radial frequency, equilibrium position and the optimum facet angle that produces the strongest confinement. We arrive at striking conclusions that a maximum confinement enhancement can be achieved at an optimum facet angle $\theta_{max}=\arccos{\sqrt{2/3}}$ and a critical gap exists beyond which this enhancement effect no longer applies. This magnetic trap and its theoretical model serves as a new and interesting example of a simple and elementary magnetic trap in physics.