To depict the pump power characteristics of radial centrifugal pumps, a physical model was developed. The model relies on established empirical equations. To parameterize the model for specific pumps, physically interpretable tuning factors were integrated. The tuning factors are identified by using the Levenberg–Marquardt method, which was applied to the characteristic curve at a constant speed. A cross-validation of the physical model highlighted the advantage of representing the set of performance curves with less deviation compared to approximation functions. Calculating the entire set of performance curves requires only one pump characteristic curve at a constant speed. Therefore, only a single measurement is necessary. Furthermore, the physical model can be used to calculate the changes in the set of performance curves due to prewhirl. This increases the accuracy of flow rate calculations when prewhirl occurs.