Photoluminescent materials are advanced cutting-edge heat-rejecting materials capable of reemitting a part of the absorbed light through radiative/non-thermal recombination of excited electrons to their ground energy state. Photoluminescent materials have recently been developed and tested as advanced non-white heat-rejecting materials for urban heat mitigation application. Photoluminescent materials has shown promising cooling potential for urban heat mitigation application, but further developments should be made to achieve optimal photoluminescence cooling potential. In this paper, an advanced mathematical model is developed to explore the most efficient methods to enhance the photoluminescence cooling potential through estimation of contribution of non-radiative mechanisms. The non-radiative recombination mechanisms include: (1) Transmission loss and (2) Thermal losses including thermalization, quenching, and Stokes shift. The results on transmission and thermal loss mechanisms could be used for systems solely relying on photoluminescence cooling, while the thermal loss estimations can be helpful to minimize the non-radiative losses of both integrated photoluminescent-near infrared (NIR) reflective and stand-alone photoluminescent systems. As per our results, the transmission loss is higher than thermal loss in photoluminescent materials with an absorption edge wavelength (λAE) shorter than 794 nm and quantum yield (QY) of 50%. Our predictions show that thermalization loss overtakes quenching in photoluminescent materials with λAE longer than 834 nm and QY of 50%. The results also show that thermalization, quenching, and Stokes shift constitute around 56.8%, 35%, and 8.2% of the overall thermal loss. Results of this research can be used as a guide for the future research to enhance the photoluminescence cooling potential for urban heat mitigation application.