The simultaneous and non-intrusive measurement of temperature and velocity fields in flows is of great scientific and technological interest. To sample the velocity and temperature, tracer particle based approaches have been developed, where the velocity is measured using PIV or PTV and the temperature is obtained from the intensity (LIF, thermographic phosphors) or frequency (TLC) of the light emitted or reflected by the tracer particles. In this article, a measurement technique is introduced, that relates the luminescent intensity ratio of individual dual-color luminescent tracer particles to temperature. Different processing algorithms are tested on synthetic particle images and compared with respect to their accuracy in estimating the intensity ratio. Furthermore, polymer particles which are doped with the temperature sensitive dye europium (III) thenoyltrifluoroacetonate (EuTTA) and the nearly temperature insensitive reference dye perylene are characterized as valid tracers. The results show a reduction of the temperature measurement uncertainty of almost 40% (95% confidence interval) compared to previously reported luminescent particle based measurement techniques for microfluidics.