Aircraft composite parts are commonly manufactured from resin‐saturated thermoset pre‐impregnated plies laid‐up over a rigid tool and consolidated and cured in an autoclave. In many applications, autoclave consolidation alone is not sufficient to remove the air, or bulk, that has been entrapped within the laminate during layup. Entrapped bulk can lead to the formation of defects, including wrinkles and voids, which can significantly affect structural performance. Vacuum consolidation, or “debulking,” has been a standard practice extensively used by aircraft manufacturers to reduce the amount of bulk and mitigate defect formation. Yet, the underlying physical principles governing formation of defects during these early stages are not well understood. This work presents the development of a new finite element‐based method for simulation of debulking with the objective to contribute to a better understanding of the key physics involved. The model includes pore‐pressure cohesive elements inserted at ply interfaces for discrete representation of entrapped air pockets and modeling air flow during debulking; and cohesive contact between the plies for simulating the typical tacky behavior of uncured thermoset tape prepregs. The debulking of a two‐ply laminate with an initial seeded wrinkle is considered for illustration of the approach and comparison with experimental results.