Voltage-sensitive fluorescent dyes such as di-8-ANEPPS (di-8-aminonaphthylethylenepyridinium propylsulfonate) are powerful tools to study biological membranes. Its fluorescence is affected by changes in the membrane potential and other factors, requiring extensive calibration to extract meaningful quantitative results. The amphiphilic di-8-ANEPPS molecule is expected to bind at the membrane-solution interface. However, atomic-level information is sparse about its position and orientation in the membrane, especially in regards to how the latter dynamically fluctuates to affect the observed fluorescence. In the present work, molecular dynamics simulations of the ground and excited states of di-8-ANEPPS embedded in a DPPC membrane as represented by classical force fields were used to investigate how the fluorescence is affected by externally applied potential. The calculations reproduce the shifts in the wavelength of emission as a function of voltage that are observed experimentally, indicating that the approach can help better understand the various factors that can affect the fluorescence of membrane-bound dyes.