Single‐particle fluorescent probes with the capacity to infer specific intracellular conditions, for instance, have great application potential in the realm of biomedicine. Imaging techniques that improve our understanding of the fluorescence processes at a single‐particle level are thus instrumental in actualizing this potential. This study demonstrates the importance of implementing synergistic single‐particle spectroscopic techniques to gain a more comprehensive understanding of the optical anisotropy exhibited by upconverting erbium and ytterbium co‐doped lithium yttrium tetrafluoride (LiYF4:Yb3+/Er3+) microparticles. More specifically, optical trapping and single‐particle polarized emission spectroscopy is herein leveraged to provide a plausible explanation for the spatial emission intensity distribution variation exhibited by LiYF4:Yb3+/Er3+ microparticles during hyperspectral imaging. By probing the polarized emission stemming from a single, optically trapped LiYF4:Yb3+/Er3+ microparticle, it is possible to find evidence that the emission intensity anisotropy exhibited by the respective microparticles during hyperspectral imaging arises as a consequence of the selection rules governing the emission probability in rare‐earth (RE3+) ions doped into a uniaxially birefringent host matrix such as LiYF4.