Axial symmetry in time‐harmonic electromagnetic wave problems can be exploited by considering a Fourier expansion along the angular direction, reducing fully three‐dimensional computations to two‐dimensional ones on an azimuthal cross section. While this transition leads to a significant decrease in computational effort, it introduces additional difficulties, which necessitate appropriate finite element (FE) formulations. By combining the latter with perfectly matched layers (PML), open problems can be considered. In this work, we compare and discuss the performance of different combinations of axisymmetric FE formulations and PMLs, using a dielectric sphere in open space as a test case. As an application example, a superconducting Fabry–Pérot photon trap is considered.