Analysis of the observations of Shakhovskaya et al. has led to the identification in the radiation of the x-ray binary system A 0535 + 26 = HDE 245770 of two components associated with an optical 09 III star and an accretion disk around a neutron star. The parameters of the interstellar polarization agree with Serkowski's formula and the observations of neighboring stars. The variability of the brightness of the system observed in the optical and infrared ranges can be explained by changes in the contribution of the accretion disk to the total emission of the system. The values obtained for the parameters of the intrinsic polarization, interpreted in the framework of the proposed model, suggest directions of the polarization vectors in the infrared and x-ray range.