We derive the two-channel (TC) description of the photoassociation (PA) process in the presence of a magnetic Feshbach resonance and compare to full coupled multi-channel calculations for the scattering of 6 Li-87 Rb. Previously derived results [P. Pellegrini et al., Phys. Rev. Lett. 101, 053201 (2008)] are corrected. The PA process is shown to be fully described by two parameters: the maximal transition rate and the point of vanishing transition rate. The TC approximation reproduces excellently the PA transition rates of the full multi-channel calculation and reveals, e.g., that the enhancement of the rate at a resonance is directly connected to the position of vanishing rate. For the description of two independent resonances it was found that only three parameters completely characterize the PA process.