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We proposed a new reservoir computation (RC) structure using polarization dynamics of vertical cavity surface emitting lasers (VCSELs) with optoelectronic feedback. Santa-Fe time-series prediction and nonlinear channel equalization were used to evaluate its parallel processing capability. We numerically discussed the effects of feedback strength, injection strength, frequency detuning, injection current and scaling factors on the RC performance of the system. The results show that, the operation range of negative feedback is larger than that of positive feedback; under appropriate feedback and lager injection strengths, good RC performance can be achieved for a wider injection current; with continuous variation of feedback strength from negative to positive values, the optimized location for frequency detuning moves from positive to negative values. We also evaluated the processing rate of proposed RC structure. The related study is helpful for the design and optimization of VCSEL-based RC under optoelectronic feedback. [ABSTRACT FROM AUTHOR]