The theoretical limits of power conversion efficiency for near‐field wireless power transfer were derived in recent years, but the maximum achievable efficiency for low‐power and far‐field powering has not yet been characterized. In this paper, we derive the performance limits of rectifiers using diodes for input power ranging from −20 dBm to 0 dBm. These theoretical limits are verified via measurement and simulation, and experimental performance data from the literature are extracted to validate the established maximum efficiency. Moreover, we propose design guidelines to achieve such performance limits, clarifying the method for optimizing the rectifier circuitry and the associated parameters. We further show potential approaches for the enhancement of maximum conversion efficiency via analyzing the loss parameters of Schottky diodes. This work thus establishes the performance benchmark of low‐power rectifiers and provides useful guidelines for future rectenna development.