We use the optical transfer-matrix method to quantify the spatial distribution of light in solid-state dye-sensitized solar cells (DSCs), employing material optical properties measured experimentally in the accompanying article (Part I) as input into the optical model. By comparing the optical modeling results with experimental photovoltaic action spectra for solid-state DSCs containing either a ruthenium-based dye or an organic indoline-based dye, we show that the internal quantum efficiency (IQE) of the devices for both dyes is around 60% for almost all wavelengths, substantially lower than the almost 100% IQE measured for liquid DSCs, indicating substantial electrical losses in solid-state DSCs that can account for much of the current factor-of-two difference between the efficiencies of liquid and solid-state DSCs. The model calculations also demonstrate significant optical losses due to absorption by 2,2',7,7'-tetrakis-(N,N-di-p-methoxyphenyl-amine)-9,9'-spirobifluorene (spiro-OMeTAD) and TiO2 in the blue and to a lesser extent throughout the visible. As a consequence, the more absorptive organic dye, D149, should outperform the standard ruthenium complex sensitizer, Z907, for all device thicknesses, underlining the potential benefits of high extinction coefficient dyes optimized for solid-state DSC operation. (C) 2009 American Institute of Physics. [doi: 10.1063/1.3204985]