A method for comprehensively modeling the current-voltage characteristics of laser-powered photovoltaic converters (PVCs) with spot-type rear contact is proposed. The method accounts for both optical losses caused by shading of the photoactive region and electrical losses caused by radial current spreading to the spot-type rear contacts. A balance between these factors is achieved at specific values of the diameter of spots and distance between contacts, which could be determined using the proposed method. The geometric parameters of the rear contacts (diameter and spot pitch) were optimized to maximize the laser radiation conversion efficiency of the AlGaAs/GaAs PVCs.