if ($requiredField && ($optional1 || $optional2)) {
/* Do something */
}
For the /* Do something */ bit of code to be executed, the if statement has to evaluate to TRUE.
This means, that $requiredField must be TRUE, and so must be ($optional1 || $optional2).
For $requiredField to be TRUE, it just needs to be filled in - and for the second part: ($optional1 || $optional2) either optional1 or optional2 would do it.
Edit:
After rereading the question, it seems that I might have misunderstood you. If the user must enter one specific piece of information, and must choose only one (not both) out of two options - then the following should be used.
if ($requiredField && ($optional1 ^ $optional2)) {
/* Do something */
}
This means that $optional1 or $optional2 must be filled out - but not both of them.