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A hybrid organic–inorganic perovskite in a diode structure can lead to multifunctional device phenomena exhibiting both a high power conversion efficiency (PCE) of a solar cell and strong electroluminescence (EL) efficiency. Nonradiative losses in such multifunctional devices lead to an open circuit voltage ( V oc ) deficit, which is a limiting factor for pushing the efficiency toward the Shockley–Queisser limit. In this work, we analyze and quantify the radiative limit of V oc in a perovskite solar cell as a function of its absorber thickness. We correlate PCE and EL efficiency at varying thicknesses to understand the limiting factors for a high V oc . With a certain increase in perovskite thickness, PCE improves but EL efficiency is compromised and vice versa. Thus, correlating these two figures of merit of a solar cell guides the light management strategy together with minimizing nonradiative losses. The results demonstrate that maximizing absorption and emission processes remains paramount for optimizing devices.