Formal:
* Il faut que tu te calmes. (It is necessary that you calm down.)
* Calmez-vous, s'il vous plaît. (Calm down, please.)
Informal:
* Calme-toi ! (Calm down!)
* Relaxe ! (Relax!)
* Respire ! (Breathe!)
* T'es stressé(e) ! (You're stressed!)
More specific:
* Tu dois te calmer. (You must calm down.)
* Prends une pause. (Take a break.)
* Essaie de te détendre. (Try to relax.)
Important Note: The choice of expression will depend on the situation and your relationship with the person you are addressing.