In this study, the Euler-Euler and Euler-Lagrange modeling approaches were applied to simulate the multiphase flow in the water model and gas-stirred ladle systems. Detailed comparisons of the computational and experimental results were performed to establish which approach is more accurate for predicting the gas-liquid multiphase flow phenomena. It was demonstrated that the Euler-Lagrange approach is more accurate than the Euler-Euler approach. The Euler-Lagrange approach was applied to study the effects of the free surface setup, injected bubble size, gas flow rate, and slag layer thickness on the slag-steel interaction and mass transfer behavior. Detailed discussions on the flat/non-flat free surface assumption were provided. Significant inaccuracies in the prediction of the surface fluid flow characteristics were found when the flat free surface was assumed. The variations in the main controlling parameters (bubble size, gas flow rate, and slag layer thickness) and their potential impact on the multiphase fluid flow and mass transfer characteristics (turbulent intensity, mass transfer rate, slag-steel interfacial area, flow patterns, etc.,) in gas-stirred ladles were quantitatively determined to ensure the proper increase in the ladle refining efficiency. It was revealed that by injecting finer bubbles as well as by properly increasing the gas flow rate and the slag layer thickness, the ladle refining efficiency can be enhanced significantly.