This paper proposes a novel model for estimating power dissipation of optical/electrical interconnections as a function of transmission bit error rate. This model is applied to a simplified optoelectronic transmitter and receiver configuration in which a photodetector is directly connected to the decision circuit. It is analytically verified that this configuration can achieve error-free operation with low power under practical operating conditions. A comparison between optical and electrical interconnections based on this simplified configuration is performed. This result shows the interconnection length and bit rate at which optical interconnection is superior in terms of power dissipation to electrical interconnection. Only optical interconnections achieve error-free operation with 40 mW power dissipation at a transmission bit rate of 10 Gb/s and an interconnection length over 7 m.