It is shown that application of the so-called quasi-static approximation greatly simplifies the theoretical treatment of the open circuit photovoltage decay of dye-sensitized nanostructured solar cells (DSCs), since it removes the need to treat the kinetics of trapping and detrapping explicitly and leads to a straightforward analytical solution in the case of an exponential trap distribution. To identify the conditions under which the quasistatic approach is valid, transients calculated using the quasi-static approximation are compared with the results of numerical calculations that treat trapping and detrapping of electrons explicitly. The application of the quasi-static approach to derive the rate constant for the back-reaction of electrons from experimental photovoltage decay data is illustrated for an optimized DSC.