We introduce a multiconfigurational approach to study the magnetostructural correlations in 3d2 systems. The theoretical framework represents a restricted active space self‐consistent field method, with active space optimized to the number of all non‐bonding orbitals. To demonstrate the validity and effectiveness of the method, we explore the physical properties of the trigonal bipyramidal spin‐one single‐ion magnet (normalC6F5)3trenVCNtBu. The obtained theoretical results show good agreement with the experimental data available in the literature. This includes measurements for the magnetization, low‐field susceptibility, continuous wave electron paramagnetic resonance, and photoluminescence spectroscopy. The proposed method may be reliably applied to a variety of 3d2 magnetic systems. To this end, and for the sake completeness, we provide detailed analytical and numerical representations for the generic Hamiltonian's effective matrix elements related to the crystal field, exchange, spin–orbit, and Zeeman interactions.