Association of the high-frequency quasi-periodic oscillation (HFQPO) pairs with the broad Fe K line in XTE J1550-564 and GRO J1655-40 is discussed based on the magnetic coupling of a rotating black hole (BH) with its surrounding disc. The 3:2 HFQPO pairs are interpreted by virtue of the inner and outer hotspots arising from non-axisymmetric magnetic field, where the inner hotspot is produced by a torque exerted at the inner edge of the disc, and the outer hotspot is created by the screw instability of the large-scale magnetic field. The very steep emissivity index is created predominantly by the torque exerted at the inner edge of the disc. It turns out that the 3:2 HFQPO pairs observed in the two sources can be fitted by tuning several model parameters, such as the BH spin, and the main features of this model lie in three aspects. (1) The condition for only one HFQPO is discussed based on the two mechanisms for producing the 3:2 HFQPO pairs, (2) an explanation is given for a systematic shift away from disc dominated flux with the increasing power-law flux as the HFQPO pairs shift from the higher to lower frequencies, which is consistent with the analysis given by Remillard et al. and (3) the BH spin in XTE J1550-564 and GRO J1655-40 can be estimated by combining the 3:2 HFQPO pairs with the very steep emissivity index required for fitting the broad Fe K emission line.