Structural elements of bifacial photovoltaic (PV) systems, such as module frames, module supports, and torque tubes, affect module rear irradiance profiles through both shading and reflection. Standard bifacial energy yield models represent racking effects as a flat rear irradiance de‐rate factor; however, this neglects 1) the impact of racking reflection, and 2) the variation of racking effects over time. In this work, a differential irradiance approach is presented to quantify the effect of racking shading and reflection on bifacial rear irradiance. Using this method, racking effects on system energy yield, irradiance mismatch losses, and bifacial gain are calculated. This is applied to a single‐axis‐tracked 2‐in‐portrait bifacial PV system in Livermore, California with 74.5% reflective racking using bifacial_radiance ray tracing software. Racking reflection counteracts the irradiance reduction and mismatch losses caused by racking shading. Racking reflection reduces average rear irradiance shading by up to 19.2% per timestamp and 9.1% per year compared to absorptive racking. Racking effects vary diurnally, seasonally, and with respect to albedo. In a single day, the impact of racking on rear irradiance varies up to 14.6%. Applying this method will improve energy yield modeling accuracy of bifacial PV systems.