Most jurisdictions in the U.S. will not allow for cat5 (or other CM cable) in the same box with line voltage without a divider. The proper way to do this (again it's up to your AHJ) is to use the proper control cabling. Lutron has specific PELV control cabling suitable for this that is rated to 300 volts. One specific sku is GRX-CBL-346S-500...aka "lutron yellow". So, now you have the correct control cabling in the box with the line voltage...now what? The proper way to do this is NOT to break out the PELV cable into an emitter. Use a remotely located GRX-IRI that links to your Grafik Eye with the lutron yellow cabling. The two are then linked via their molex connectors for common, power and mux. You may then run your IR control cabling to the GRX-IRI for control, not the Grafik Eye...clean, up to code, no emitter bulge. Depending upon your Grafik Eye version this will be available and wired a specific way, check your model vs. the GRX-IRI for how to wire it up. Do it the right way.

Edited for spelling/clarity.