We have constructed a model to describe the optical emission
from ultra-luminous X-ray sources (ULXs).
We assume a binary model with a black hole accreting matter
from a Roche lobe filling companion star.
We consider the effects of radiative transport and radiative equilibrium
in the irradiated surfaces of both the star and a thin accretion disc.
We have developed this model as a tool with which to positively identify
the optical counterparts of ULXs,
and subsequently derive parameters such as the black hole mass
and the luminosity class and spectral type of the counterpart.
We examine the dependence of the optical emission on these and other variables.
We extend our model to examine the magnitude variation at infrared wavelengths,
and we find that observations at these wavelengths
may have more diagnostic power than in the optical.
We apply our model to existing HST observations of
the candidates for the optical counterpart of ULX X-7 in NGC 4559.
All candidates could be consistent with an irradiated star alone,
but we find that a number of them are too faint to fit with an irradiated star
and disc together.
Were one of these the optical counterpart to X-7,
it would display a significant temporal variation.