In the research field of rotorcraft aerodynamics, there are two fundamental challenges: resolving the complex vortex structures in rotor wakes and representing the moving rotor blades in the ambient airflow. In this paper, we address the first challenge by utilizing a third-order unstructured finite volume solver, which exhibits lower numerical dissipation than its second-order counterpart. This allows for sufficient resolution of small vortex structures on relatively coarse meshes. With this flow solver, the second challenge is addressed by modeling each rotor as an actuator disk (i.e., the actuator disk model (ADM)) or modeling each blade as an actuator line (i.e., the actuator line model (ALM)). Both of the two models are equipped with an improved tip loss correction, which is introduced in detail in the methodology section. In the section of numerical experiments, the numerical convergence properties of the two types of solvers have been compared in the case of two-dimensional infinite wing. In addition, the relationship between the ALM and the lifting line theory is discussed in the cases of fixed-wing calculations. Another goal of these cases is to validate the tip loss correction presented. The validation of the ALM/ADM and comparisons of computational efficiency are also demonstrated in simulations involving both hover and forward flight rotors. It was found that the combination of the third-order finite volume solver and the ALM/ADM with the improved tip loss correction presents an efficient way of performing the aerodynamic analysis of rotor-induced downwash flow.