Tandem solar cells are suited for space applications due to their high performance, but also have to be designed in such a way to minimize influence of degradation by the high energy particle flux in space. The analysis of the subcell performance is crucial to understand the device physics and achieve optimized designs of tandem solar cells. Here, the radiation-induced damage of inverted grown InGaP/GaAs/InGaAs triple-junction solar cells for various electron fluences are characterized using conventional current-voltage (I-V) measurements and time-resolved photoluminescence (PL). The conversion efficiencies of the entire device before and after damage are measured with I-V curves and compared with the efficiencies predicted from the time-resolved method. Using the time-resolved data the change in the carrier dynamics in the subcells can be discussed. Our optical method allows to predict the absolute electrical conversion efficiency of the device with an accuracy of better than 5%. While both InGaP and GaAs subcells suffered from significant material degradation, the performance loss of the total device can be completely ascribed to the damage in the GaAs subcell. This points out the importance of high internal electric fields at the operating point.