A conceptual dust detection mission, KnightSat III, using pico-scale satellites is analyzed. The purpose of the proposed KnightSat III mission is to aid in the determination of the size, mass, distribution, and number of dust particles in low earth orbits through a low cost and flexible satellite or a formation of satellites equipped with a new dust detector. The analysis of a single satellite mission with an on-board dust detector is described; though this analysis can easily be extended to a formation of pico-scale satellites. Many design aspects of the mission are discussed, including orbit analysis, power management, attitude determination and control, and mass and power budgets. Two of them are emphasized. The first is a new attitude guidance and control method, and the second is the online optimal power scheduling. It is expected that the measurements obtained from this possible future mission will provide insight into the dynamical processes of inner solar system dust, as well as aid in designing proper micro-meteoroid impact mitigation strategies for future man-made spacecraft.