This paper presents a complete optimization of a piezoelectric vibration energy harvesting system, including a piezoelectric transducer, a power conditioning circuit with full semiconductor device models, a battery and passive components. To the authors awareness, this is the first time and all of these elements have been integrated into one optimization. The optimization is done within a framework, which models the combined mechanical and electrical elements of a complete piezoelectric vibration energy harvesting system. To realize the optimization, an optimal electrical damping is achieved using a single-supply pre-biasing circuit with a buck converter to charge the battery. The model is implemented in MATLAB and verified in SPICE. The results of the full system model are used to find the mechanical and electrical system parameters required to maximize the power output. The model, therefore, yields the upper bound of the output power and the system effectiveness of complete piezoelectric energy harvesting systems and, hence, provides both a benchmark for assessing the effectiveness of existing harvesters and a framework to design the optimized harvesters. It is also shown that the increased acceleration does not always result in increased power generation as a larger damping force is required, forcing a geometry change of the harvester to avoid exceeding the piezoelectric breakdown voltage. Similarly, increasing available volume may not result in the increased power generation because of the difficulty of resonating the beam at certain frequencies whilst utilizing the entire volume. A maximum system effectiveness of 48% is shown to be achievable at 100 Hz for a 3.38-cm3 generator.