Accurate modeling of propellant tank pressurization is an essential element of the prediction of rocket performance. This is the case even more so for hybrid rockets that use a self-pressurizing oxidizer because the thrust produced by the motor is dependent on oxidizer tank pressure. Described herein is a real fluid, quasi-phase equilibrium thermodynamic propellant tank model that is applicable to a broad range of propellants including those that are highly volatile and/or cryogenic. The model has been validated by comparison with the measured results of cold-flow blow-down tests of a self-pressurizing nitrous oxide system. Data from one of the cold-flow tests showed evidence of stratification within the oxidizer tank during the blow down. It was found that accurate modeling of the propellant evaporation rate is a crucial element in the prediction of the propellant expulsion process.