Projection to Latent Structures (PLS) regression, a generalization of multiple linear regression, is used to model two datasets (40 observed data points each) of adsorption removal of three pharmaceutical compounds (PhCs), of different therapeutic classes and physical–chemical properties (carbamazepine, diclofenac, and sulfamethoxazole), from six real secondary effluents collected from wastewater treatment plants onto different powdered activated carbons (PACs). For the PLS regression, 25 descriptors were considered: 7 descriptors related to the PhCs properties, 10 descriptors related to the wastewaters properties (8 related to the organic matrix and 2 to the inorganic matrix), and 8 descriptors related to the PACs properties. This modelling approach showed good descriptive capability, showing that hydrophobic PhC-PAC interactions play the major role in the adsorption process, with the solvation energy and log Kow being the most suitable descriptors. The results also stress the importance of the competition effects of water dissolved organic matter (DOM), namely of its slightly hydrophobic compounds impacting the adsorption capacity or its charged hydrophilic compounds impacting the short-term adsorption, while the water inorganic matrix only appears to impact PAC adsorption capacity and not the short-term adsorption. For the pool of PACs tested, the results point to the BET area as a good descriptor of the PAC capacity, while the short-term adsorption kinetics appears to be better related to its supermicropore volume and density. The improvement in these PAC properties should be regarded as a way of refining their performance. The correlations obtained, involving the impact of water, PhC and PAC-related descriptors, show the existence of complex interactions that a univariate analysis is not sufficient to describe.