In the paper, an extended analysis of the polarization properties of a liquid crystal cell with a biconically tapered single-mode telecommunication optical fiber was presented. These properties are a result of a sample geometry and used LC materials. They were analyzed by using two theoretical models based on the matrix decomposition methods, i.e., polar and singular-value one. By measuring Mueller matrices, information about losses, depolarization, dichroism and birefringence was obtained. In the experiment two types of tested samples filled with well-known 6CHBT and E7 liquid crystals were prepared and all optical parameters were shown as the voltage dependence. The tested samples have dichroic properties and for both models calculated PDL is similar and it increases from 2.6 to 6.6 dB for E7 and from 0.4 to 2.7 dB for 6CHBT with voltage changes within the range of 40 – 190 V. Optical losses simultaneously decrease from 30 dB to 27 dB and from 36 dB to 28 dB, respectively. The birefringence properties cannot be directly comparable due to differences between both applied models but voltage fluctuations of these parameters are not significant. These results confirm expected dichroic properties of designed device and complete knowledge about its working principles. Moreover, presented analysis validates usefulness of the singular-value decomposition model applied to dichroic optical fiber elements.