The contribution of noise characteristics to the performance of a luminescent optoelectronic devices based on phase modulation techniques was investigated systematically with an example of luminescence-based oxygen sensor. It was shown that in real devices noise components may significantly affect the optimal (working) modulation frequencies, when compared with those predicted by classical approach. It was demonstrated on a quantitative level that the improved method provide better optimization of accuracy and overall sensor performance than the classical approach, in which only lifetime characteristics of the probe and oxygen concentration are considered. Particular equations, graphs and calculations are presented. (C) 1998 Elsevier Science S.A. All rights reserved.