So your defintion has one particular issue: it's not a definition. You actually have to show that there exists a function $f$ such that $f\big(r\cos(t), r\sin(t)\big)=\big((\cos(t), \sin(t)), r\big)$. The problem is that you are supposed to define $f$ in terms of $f(x,y)$ but you have an expression as arguments. So the existance of such function you usually prove by explicite constructions.
In such situations I always try to visualize these transformations. So what is $S^1$? This a sphere, i.e. vectors of length $1$. What is $(0, \infty)$? Positive reals. So positive reals could be used to scale vectors of length $1$ to any length. This intuition gives the following mapping:
$$g:S^1\times (0, \infty)\to\mathbb{R}^2\backslash(0,0)$$
$$g(v, r)=r\cdot v$$
So now how to define the inverse? Well you pick a vector and you have to retrieve two pieces of information from it: its length and its projection onto the sphere (this can be done as long as the vector is nonzero). This gives similar definition:
$$f:\mathbb{R}^2\backslash(0,0)\to S^1\times (0, \infty)$$
$$f(v)=\bigg(\frac{v}{\lVert v\rVert}, \lVert v\rVert\bigg)$$
These functions are continous (being compositions of continous functions: scalar multiplication, inverse of a real, taking norm and taking product of two functions) and are invertible to each other. Thus homeomorphisms.
Side note: you might be surprised but actually my definition of $f$ is exactly the function you were trying to construct. You just have to realize that $\big\lVert\big(r\cos(t), r\sin(t)\big)\big\lVert = r$ for $r>0$.