One of the most common issues seen in using Command Prompt commands in PowerShell is the use of the correct (and escaped) quotes, and the problem with the Oracle SmartView Command Line Instructions is it assumes you are running this command from a command prompt not Powershell, some of these commands won’t work natively in PowerShell, so they need modification.
Here is your command re-written with what should be the correct format to work in PowerShell:
Start-Process -Verb runas -FilePath SmartView.exe -ArgumentList "/s /v /L*v `"c:\smslogs\cm_smartview_v23.100.log`" " -wait
N.B. Note the removal of the single quotes, commas (and extra spaces), and the path to the log file is wrapped in escaped (`) double quotes as the entire -ArgumentList content needs wrapping in double quotes, I have also put a space after the escaped double quotes (this is not required, but is there to show you two double quotes exist.
The advantage of escaped double quoting the log file path is the path can now contain spaces in it.
P.S. What is not clear from the Oracle guide is whether the /v is actually required if you are not specifying a different installation directory e.g. /v INSTALLDIR=C:\AltFolder", you may find the /v is not needed if you install to the default directory
And this reply to another thread by @That-Annoying-Guy also explains very well how escaping the quotes works: