The epitaxially grown system comprising semimetallic ErAs (erbium arsenide) nanoparticles (MNP) and InAs (indium arsenide) single quantum dots (QDs) hold great promise for plasmonic applications. The distinguishing feature of the ErAs-InAs hybrid is that the hybrid separation can be varied and accurately controlled in the molecular-beam epitaxial growth. In order to assess the potential of this system for plasmonic applications, this paper aims to estimate and optimize the expected magnitude of the plasmonic enhancement. We use the Sun–Khurghin theory to estimate the expected absorption and photoluminescence (PL) enhancement. Using a carefully selected set of materials’ parameters as input, we predict about 500-fold plasmonic PL enhancement for this system under resonant conditions.