A transient two-dimensional model describing degenerate four-wave mixing inside saturable gain media is presented. The new model is compared to existing one-dimensional models with their qualitative results confirmed. Large quantitative differences with respect to peak reflectivity and optimum pump fluence are observed. Furthermore, the influence of the beam focus size, the transverse position and the crossing angle on the reflectivity of the grating is investigated using the improved model. It is demonstrated that the phase conjugate reflectivity depends sensitively on the transverse features of the interacting beams with a transverse shift in the position of the pump beams yielding a threefold improvement in reflectivity.