Electromagnetic Ion Cyclotron (EMIC) wave scattering has been proved to be responsible for the fast loss of both radiation belt (RB) electrons and ring current (RC) protons. However, its role in the concurrent dropout of these two co‐located populations remains to be quantified. In this work, we study the effect of EMIC wave scattering on both populations during the 27 February 2014 storm by employing the global physics‐based RAM‐SCB model. Throughout this storm event, MeV RB electrons and 100s keV RC protons experienced simultaneous dropout following the occurrence of intense EMIC waves. By implementing data‐driven initial and boundary conditions, we perform simulations for both populations through the interplay with EMIC waves and compare them against Van Allen Probes observations. The results indicate that by including EMIC wave scattering loss, especially by the He‐band EMIC waves, the model aligns closely with data for both populations. Additionally, we investigate the simulated pitch angle distributions (PADs) for both populations. Including EMIC wave scattering in our model predicts a 90° peaked PAD for electrons with stronger losses at lower pitch angles, while protons exhibit an isotropic PAD with enhanced losses at pitch angles above 40°. Furthermore, our model predicts considerable precipitation of both particle populations, predominantly confined to the afternoon to midnight sector (12 hr < MLT < 24 hr) during the storm's main phase, corresponding closely with the presence of EMIC waves.