Dye Sensitized Solar Cells (DSSC) are promising photovoltaic systems which are used to convert visible light into useful DC electric power. Up to now, a lot of efforts have been made for optimizing cell components and maximizing the power conversion efficiency, and a large body of experimental work has been reported in the literature. However, it is not always clear which light conditions favor increased efficiency and what are the limiting factors that govern the overall kinetics of the DSSC. In this work we have used three different light-emitting diodes (LEDs) to characterize the performances of a model DSSC under different illumination conditions. A thorough characterization of the dynamics of microscopic processes taking place during operation of the DSSC was performed by Photoelectrochemical Impedance Spectroscopy and Intensity Modulated Photovoltage Spectroscopy analysis. Microscopic rate parameters associated to charge recombination and charge transfer have been determined separately under various light power densities. Results show that the dynamics of charge transport and recombination within the DSSC depends on light power, but is independent of the energy of the photons emitted by the LEDs. The relationship between the wavelength-dependent incident-photon-to-current efficiency and the LED emitted photons at 594 nm, which was the determinant factor contributing to a larger short-circuit current and hence the increased efficiency, was analyzed. The best illumination conditions required to extract the maximum power from a DSSC were analyzed and discussed.