This study addresses the thermal stress issues caused by conventional cooling methods on photovoltaic (PV) cells, which reduce their efficiency and lifespan. Recently, the water-based spectral splitting filter (SSF) system was introduced as a solution to optimize solar energy conversion. The research fills a significant gap by focusing on the practical application of water-based SSFs under actual high-temperature conditions in Cairo (latitude of 30.1°N). The study evaluates the effects of radiation intensity (200–1000 W/m2), optical fluid flow rate (0.001–0.01 kg/s), and filter thickness (2–10 mm) on the system's performance. According to the data, the SSF system is a superior cooling technique as it can lower the PV temperature by 93% over a range of radiation intensities. The system's performance is also found to be positively influenced by increasing the SSF's thickness and flow rate, achieving 15% and 29.4% maximum increases in the fill factor and electrical efficiency, respectively, over the conventional PV panel at a thickness of 10 mm and a flow rate of 0.01 kg/s. Additionally, experimental data support the modeling findings, with a maximum variation of ±4.7% in the efficiency of the PV panel.