Liquid metals and metallic alloys often exist as metastable phases or can be undercooled below their equilibrium melting point. The Traditional CALPHAD (CALculation of PHAse Diagrams) approach struggles to accurately model these metastable conditions, which are important in rapid quenching techniques like additive manufacturing, and to understand glass formation or oxidation phenomena occurring in the liquid phase during nuclear and high-temperature aerospace applications. On the contrary, the third-generation CALPHAD models have the potential to accurately describe metastable phase diagrams to provide better predictions of molten phase behavior under non-equilibrium conditions. The latter approach is utilized in this study to achieve a more accurate description of the thermodynamic properties of elemental Nb and Zr, with a particular focus on their liquid phases. By incorporating available first-principles data, the representation of the liquid state is improved for both elements, capturing the peculiar behavior of the heat capacity in a wide temperature range. These improvements enable a more reliable prediction of phase stability and liquidus boundaries in the Nb-Zr system. A partial re-assessment of the Nb-Zr binary phase diagram is also conducted with refined predictions of liquidus boundaries that align well with experimental data.