Glycated hemoglobin and blood oxygenation are the two most important factors for monitoring a patient’s oxygen levels in the blood and the amount of average blood glucose levels. Digital Volume Pulse acquisition is a convenient method, even for a person with no previous training or experience, can be utilized to estimate the two abovementioned physiological parameters. The physiological basis assumptions are utilized to develop two-finger models for estimating the percent glycated hemoglobin and blood oxygenation levels. The first model consists of a blood vessel only hypothesis, while the second model is based on a whole-finger model system. We validated our two gray-box systems on diabetic and non-diabetic patients and obtained the mean absolute errors for the percent glycated hemoglobin (%HbA1c) and percent oxygen saturation (%SpO2) of 0.375 and 1.676, respectively, for the blood vessel model and 0.271 and 1.395, respectively, for the whole-finger model. The precision analysis indicated that these models resulted in 2.08% and 1.74% mean %CV for %HbA1c and 0.54% and 0.49% mean %CV for %SpO2 in the respective models. Herein, both models exhibit close performances to each other (HbA1c estimation Pearson R values are 0.92 and 0.96, respectively), even though the model assumptions greatly differed between them. Both of the models have a very high potential to be used in real-world scenarios. The whole-finger model performs better in terms of higher precision and accuracy compared to the blood vessel model.