This paper presents an analytical model for symbol error rate (SER) calculation of a polarization receive diversity system with equal gain combining (EGC) of the received signals. Ricean fading statistic characterizing wireless communication channel is assumed. Pade rational approximation to the moment generating function (MGF) of the output SNR (signal-to-noise ratio) is used in the case of EGC. Furthermore, linear transformation of correlated signals into uncorrelated ones is proposed, so that standard analytical model for SER calculation of the uncorrelated received signals can be applied. The influence of two main parameters characterizing polarization diversity system: correlation coefficient and cross-polar discrimination on SER is also analyzed. The validity of the presented model for SER calculation is proved using the simulation of the system considered.