The Akebono satellite observed the Australian Omega signals when it passed about 1000km over the Omega station. In this paper, we compare the observed Omega signal intensities with the values obtained using a full wave calculation and we discuss a mechanism of modulation of the signals. The relative spatial variations of the calculated Omega intensities are quite consistent with those observed, but the absolute calculated intensities themselves are several dB larger than the observed intensities. This difference in intensity may be due to the horizontal inhomogeneity of the D region, which is not modeled in the full wave calculation, or to an incorrect assumption about radiation characteristics of the Omega antenna. It is found that modulation of the observed signals is caused by the interference between the waves with different k vectors.