A complete description of a self-consistent model of magnetospheric ring current interacting with electromagnetic ion cyclotron waves is presented. The model is based on the system of two kinetic equations; one equation describes the ring current ion dynamics, and another equation describes the wave evolution. The effects on ring current ions interacting with electromagnetic ion cyclotron waves and back on waves are considered self-consistently by solving both equations on a global magnetospheric scale under nonsteady state conditions. The developed model is employed to simulate the entire 2--7 May 1998 storm period. First, the trapped number fluxes of the ring current protons are calculated and presented along with comparison with the data measured by the three-dimensional hot plasma instrument Polar/HYDRA. Incorporating in the model the wave-particle interaction leads to much better agreement between the experimental data and the model results. Second, examining of the wave (MLT, L shell) distributions produced by the model during the storm progress reveals an essential intensification of the wave emission about 2 days after the main phase of the storm. This result is well consistent with the earlier ground-based observations. Finally, the theoretical shapes and the occurrence rates of the wave power spectral densities are studied. It is found that about 2 days after the storm's main phase on 4 May, mainly non-Gaussian shapes of power spectral densities are produced.