In this study, we investigate the performance of aerial full-duplex relay (AFDR) systems. In particular, we examine two practical scenarios: one where there is no direct link between the transmitter and user, and another where such a link exists. For both scenarios, we develop mathematical models to calculate the closed-form expressions of symbol error probabilities (SEPs) for AFDR systems, using a realistic channel aligned with the fifth generation (5G) and beyond yardsticks. To take care of residual self-interference (RSI) in AFDR, we propose an optimal power allocation strategy. Our numerical findings indicate that the performance in the case with a direct link is considerably higher than that in the case without this link. Additionally, we analyze thoroughly the effects of key parameters such as transmit power, RSI levels, carrier frequencies, and AFDR positions. The effect of RSI is significantly strong, and our proposed optimal power allocation method substantially improves system performance, especially in high transmit power scenarios where error floors may occur. Importantly, the optimal power level is dramatically lower than the conventional value where the optimal power cannot be found. Thus, besides reducing the SEPs, optimal power also helps to prolong the time of operation of AFDR. Monte-Carlo simulations are performed to confirm the accuracy of our derived expressions and demonstrate the efficacy of the proposed approaches in practical scenarios.