Victor in easy position giving a wave (4,5)
I believe the answer is:
sine curve
'a wave' is the definition.
(sine curve is a kind of wave)
'victor in easy position' is the wordplay.
'victor' becomes 'V' (phonetic alphabet: alpha, bravo, charlie etc.).
'in' indicates putting letters inside.
'easy position' becomes 'sinecure' (a sinecure is an easy but lucrative job).
'v' going inside 'sinecure' is 'SINE CURVE'.
'giving' acts as a link.
(Other definitions for sine curve that I've seen before include "It has its ups and downs" , "Wave" .)