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We present an experimentally validated coupled optical and electrical model for the dye-sensitized solar cell. The light absorption and subsequent charge generation in the photoactive layer is calculated accurately using coherent and incoherent optics. The charge generation function is then used as a source term in the electron continuity equation of the electrical model. The optical model allows to precisely analyze the reflection and absorbance losses in the individual layers. By comparing the calculated and measured quantum efficiency of a test device, one can assess the electron recombination losses at short-circuit conditions. We conclude with an integrated power loss analysis to quantify the contribution of the respective optical and electric loss mechanisms.