The reflectance, transmittance, and absorptance of GaAs nanowire (NW) arrays are calculated by solving Maxwell's equations using the finite element method. The model is compared with measurement results from well-ordered periodic GaAs NW arrays fabricated by dry etching. The model results are also compared with the reflectance measured from NWs grown by the Au-assisted vapor-liquid-solid method. The optimum NW diameter, periodicity (spacing between NWs), and length are determined to maximize absorptance of the AM1.5G solar spectrum and short circuit current density in a NW array solar cell. The optimum NW diameter, period, and length were 180 nm, 350 nm, and 5 μm, respectively, giving a photocurrent density from the NW of 27.3 mA/cm2 and corresponding to 91.3% absorption of the AM1.5 G solar spectrum. The photocurrent density saturated for NW lengths greater than 5 μm. A gold nanoparticle at the top of the NWs (used in the vapor-liquid-solid NW growth process) substantially reduced the optimum photocurrent density, while a polymer filling the space between NWs and a planar indium tin oxide contact had a relatively minor influence.