Helium metastable densities in the COST Reference Microplasma Jet are estimated for a variety of He/N2 admixtures and dissipated powers by applying a collisional-radiative model to absolutely calibrated optical emission spectroscopy measurements. This is accomplished by delineating the excitation mechanisms that result in the N2(C–B) and N2+(B–X) emission bands, the latter of which is strongly coupled to the presence of helium metastables. A number of other plasma parameters are established and discussed for each operating condition including the electron energy distribution function, reduced electric field, rate constants, and electron density. With these parameters, the reaction rates for the primary ionization pathways are also calculated, emphasizing the importance of helium metastables for discharge sustainment. Good agreement with the existing literature is found for most plasma parameters and for helium metastable densities, in particular. A clear [N2]−1 relationship between the nitrogen concentration and density of helium metastables is demonstrated, as has been identified in previous studies in analogous atmospheric pressure plasma jets. This validates the efficacy of this optical technique for determining helium metastable densities and establishes it as a viable, and in many cases, more accessible alternative to other means of quantifying helium metastables in low-temperature plasmas.