Raman spectra of the CO stretch for liquid methanol and its aqueous solutions were simulated using the combined electronic structure and molecular dynamics simulation method. The instantaneous vibrational frequencies were obtained from an empirical mapping to the electrostatic potentials, while vibrational couplings between different molecules were calculated using the transition dipole coupling model. It is found that noncoincident effects (NCEs) at high concentrations are dominated by the intermolecular couplings of CO stretch and decrease monotonically as the methanol concentration decreases. This behavior is explained as the effect of reduced methanol-methanol hydrogen bonding with the addition of water. A non-monotonic change of the NCEs defined by the peak position of the CO stretch as a function of methanol mole fraction is found, which is ascribed to band asymmetry caused by reorientational dynamics.