A significant (up to 4 times) photoluminescence enhancement of single InP/InAsP/InP nanowires transferred onto a silicon oxide-covered silver layer on silicon substrate with a metal surface roughness level of less than 1 nm and a dielectric thickness of 5 nm has been demonstrated. This phenomenon is explained by the interaction of electron–hole pairs in the semiconductor with surface plasmon polaritons. The photoluminescence kinetics and results of modeling confirm the indicated enhancement mechanism.