Ultracold paramagnetic and polar diatomic molecules are among the promising systems for quantum simulation of lattice-spin models. Unfortunately, their experimental observation is still challenging. Based on our recent textit{ab-initio} calculations, we analyze the feasibility of all-optical schemes for the formation of ultracold $^{87}$Rb$^{84}$Sr bosonic molecules. First, we have studied the formation by photoassociation followed by spontaneous emission. The photoassociation rates to levels belonging to electronic states converging to the $^{87}$Rb$(5s,^2S)$+$^{84}$Sr($5s5p,^3P_{0,1,2}$) asymptotes are particularly small close to the asymptote. The creation of molecules would be more interesting by using deeply levels that preferentially relaxes to the $v=0$ level of the ground state. On the other hands, the photoassociation rates to levels belonging to electronic states converging to the Rb$(5p,^2P_{1/2,3/2})$+Sr($5s^2,^1S$) asymptotes have high value close to the asymptote. The relaxation from the levels close to the asymptotes creates weakly-bound molecules in mosty only one vibrational level. Second, stimulated Raman adiabatic passage (STIRAP) achieved in a tight optical trap efficiently creates weakly-bound ground-state molecules in a well-defined level, thus providing an alternative to magnetic Feshbach resonances to implement several schemes for an adiabatic population transfer toward the lowest ground-state level of RbSr. Finally, we have studied STIRAP process for transferring the weakly-bound molecules into the $v=0$ level of the RbSr ground state.
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