Electrical submersible pumps (ESPs) dealing with gas-liquid multiphase flow face great challenges in the oil and gas industries. The main problem is caused by the accumulation of air bubbles inside the ESP, which degrade the pump performance ranging from minor to major degradation (surging and gas-locking). Several empirical models have been developed to predict Head and surging mechanisms. However, the feasibility and versatility of these models are still questionable. Therefore, this study focuses on experimental analysis and their comparison with the existing empirical models (developed to predict Head and surging characteristics under two-phase flow conditions) to examine their validity and versatility in predicting the multiphase performance of pumps. The comparison showed that some models agree well with the given test analysis. However, some models either underestimate or overestimate the predicted values because most of these models were established for high inlet pressure, no water but oil and CO2, several impeller and diffusers, different rotational speed, and different pump geometries. Moreover, this study also compares test results with CFD simulations (using Euler-Euler two-fluid model) and shows that the experimental results are consistent and reliable. Furthermore, this study provides a detailed and close insight into the different aspects of empirical models to check whether they can be applied for wider applications or are limited to the type they were developed.