This article may be helpful.

https://resources.perkinelmer.com/lab-solutions/resources/docs/app_determination_of_relative_fluorescencequantum_yields_using_fl6500_fluorescence_spect.pdf

If the wavelengths of your dye are very different from those of the rhodamine dyes mentioned in the article, you should use a different dye with a known quantum yield if using the relative method.

The general process is to calculate the relative quantum yield because it is easy to do. You need to take a reference dye with a similar spectral region to your compound; for example, if the compound has an emission between 500 and 600nm, then I will choose rhodamine b because of the similar spectral region. Use the formula of relative quantum yield from https://www.edinst.com/blog/relative-quantum-yield/.

Hi Tahseen Iqbal , while calculating fluorescence quantum yield with respect to a standard, we generally call this process as "relative fluorescence quantum yield calculation". The simple rule of thumb is that you pick the correct standard based on the excitation of your compound. generally, if you can find a standard within +/- 20 nm range for your compound, that will be the ideal situation for relative quantum yield calculation. For the calculation purposes, you can refer any text book or published article. One of the reference is given below. Hope this helps.

https://resources.perkinelmer.com/lab-solutions/resources/docs/app_determination_of_relative_fluorescencequantum_yields_using_fl6500_fluorescence_spect.pdf

You can check it out:

https://www.mylabstock.com/beyond-the-glow-exploring-the-quantum-yield-of-fluorescent-molecules/