A new procedure for inverting plasma polarimetry data is proposed in this paper. The procedure is based on the fit between a two parameter knowledge-based plasma model, which is using both magnetic and Thompson scattering data, and the polarimetric measurements. In turn the polarimetry system is assumed to measure two angular parameters of polarization: its azimuthal and ellipticity angles. The inversion procedure under consideration is based on the angular variables technique (AVT), describing evolution of the angular parameters of polarization ellipse in weakly anisotropic plasma. Generally inversion procedure can be applied both for weak and significant Faraday and Cotton–Mouton effects. For weak polarimetric effects inversion procedure shows the results of traditional polarimetry.