Revising and extending my comment to @Maverick's answer ...
(For completeness, I'll derive the result of that answer. Since I suggested the approach in a comment to the question, I don't believe this steps on anyone's toes.)
First, to arrive at the parameterization, square the equations and add. (For notational convenience, define $c:=\cos3\theta$ and $s:=\sin3\theta$.)
$$\begin{align}
2(x^2+y^2)^2 &= \left(\frac{xc+ys}{\cos^3\theta}\right)^2 + \left(\frac{yc-xs}{\cos^3\theta}\right)^2 \tag1\\[4pt]
&=\frac{(x^2c^2+2xycs+y^2s^2)+(y^2c^2-2yxcs+x^2s^2)}{\cos^6\theta} \tag2\\[4pt]
&=\frac{(x^2+y^2)(\cos^33\theta+\sin^23\theta)}{\cos^6\theta)} \tag3\\[4pt]
&=\frac{x^2+y^2}{\cos^6\theta} \tag4
\end{align}$$
Ignoring the case $x^2+y^2=0$ (but see the Note later), we divide-through by $2(x^2+y^2)$ to get
$$x^2+y^2=\frac{1}{2\cos^6\theta} \tag5$$
This allows us to write the left-hand sides of the original system without $x$ and $y$, and we can write
$$\frac{1}{2\cos^3\theta} =xc+ys \qquad
\frac{1}{2\cos^3\theta} = yc-xs \tag6$$
We readily solve the simple linear system to get
$$(x,y) = \left(\frac{\cos3\theta-\sin3\theta}{\cos^3\theta}, \frac{\cos3\theta+\sin3\theta}{\cos^3\theta}\right) \tag7$$
which is our parameterization.
For the task of eliminating $\theta$, the division by $\cos^3\theta$ is key. To see how, we expand the triple-angle trig functions:
$$\cos3\theta = \cos\theta (\cos^2\theta - 3\sin^2\theta) \qquad \sin3\theta = \sin\theta (3 \cos^2\theta - \sin^2\theta) \tag8$$
The terms seem to "want" to divide by $\cos^3\theta$ to give simple polynomial expressions in $t:=\tan\theta$; namely,
$$\frac{\cos3\theta}{\cos^3\theta}= \frac{\cos\theta}{\cos\theta}\left(\frac{\cos^2\theta}{\cos^2\theta}-3\frac{\sin^2\theta}{\cos^2\theta}\right)=1-3t^2 \qquad \frac{\sin3\theta}{\cos^3\theta}=t(3-t^2) \tag9$$
Therefore,
$$(x,y)=\tfrac12\left(\;1 - 3t - 3t^2 + t^3 \;,\;
1 + 3t - 3t^2 -t^3 \;\right) \tag{10}$$
(The factored forms of the expressions turn out to be non-helpful.) From here, we can write
$$\begin{align}
x+y &= 1 - 3t^2 &&\quad\to\quad &t^2 &= \tfrac13(1-(x+y)) \tag{11}\\[4pt]
x-y &= t (t^2 - 3) &&\quad\to\quad& (x-y)^2 &= t^2 (t^2-3)^2 \tag{12}
\end{align}$$
Substituting from $(11)$ into $(12)$, and cleaning-up a little, gives
$$27(x-y)^2 = -(x+y-1) (x+y+8)^2 \tag{13}$$
This is our $\theta$-less equation.
Note. Geometrically, the system describes the locus of points of intersection of two congruent circles of varying radius (specifically, $\sec^3\theta$) spinning about the origin. (The origin itself is one of those points of intersection, corresponding to the $x^2+y^2=0$ case we ignored earlier.)
The reader is invited to ponder how the appearance of $x-y$ and $x+y$ in $(13)$ relates to the evident $45^\circ$ rotation of the curve.