We have designed and simulated a dual-frequency liquid crystal (DFLC) based plasmonic signal modulator capable of achieving over 15 dB modulation depth. The voltage-controlled DFLC is combined with a groove and slit configuration and its operation is discussed. Using the finite-difference time domain (FDTD) method, simulations were conducted to discover the groove-slit separation distance that enabled a practically useful modulation depth for the two states of the DFLC. Moreover, we have shown that significant improvement in modulation depth can be achieved by addition of a second groove to the design structure. Additionally, a performance analysis indicates a switching energy on the order of femtojoules and a switching speed on the order of 100 microseconds. Results of this investigation can be useful for the future design, simulation, and fabrication of DFLC-based plasmonic signal modulating devices, which have application in electro-optical and all-optical information systems.