In the field of photovoltaics, a luminescent solar concentrator (LSC) refers to a device that is used as a large area solar radiation collector, which then converts and emits radiation and directs it to solar cells that are located at the small side area of the LSC. The design of such a device typically compromise of a luminescent material that is imbedded in a polymer or glass matrix. Strontium tetraborate doped with europium and samarium phosphor material have been identified to be a suitable luminescent material for application in such a device. In order to maximize the overall power conversion efficiency of an LSC device there are some challenges that need to be considered. This includes the absorption efficiency, quantum efficiency and the ability for the luminescent material to suppress reabsorption. This study is focused on the optimization of this phosphor material with these factors in mind, in order to enhance the power conversion efficiency of the LSC device.