Currently there are a number of different mathematical models for phase equilibria in aqueous two-phase systems available. This diversity can create some confusion for model users, since most models seem to perform reasonably well. Choosing a model, thus, becomes rather a difficult task. In trying to address this problem, the principal models and the relevant theory available are reviewed. A discussion of osmotic viral expansions, lattice theory, group contribution, scaling ideas, excluded volume, electrostatics and other modeling approaches is presented. The strengths of the different approaches are critically evaluated and suggestions offered. Choosing a model, however, requires sophistication because each model is typically best at representing only a few particular aspects of system behavior, and the intended use of the model must be considered. Some suggestions for future work are also given.