Macroscopic descriptions of both natural and engineered materials usually include a number of phenomenological parameters that have to be estimated from experiments or large-scale microscopic simulations. When dealing with advanced complex materials, these descriptions are sometimes not a priori available or not even known. Using sparsity-promoting techniques one can extract macroscopic dynamic models directly from particle-based simulations. In this work, we showcase such an approach on a simple fluid and test its robustness. We introduce a novel measure for automatic macroscopic model selection that combines stability and accuracy of a model. Using this measure and employing only a few physics-based assumptions, we are able to infer both the mass continuity equation and an equation for the conservation of linear momentum. Moreover, the extracted phenomenological and non-phenomenological parameters agree well with their numerically measured values and the well-known semi-empirical estimates. The presented model selection framework can be applied to simulations or experimental data of more complex systems, described in general by a rich set of coupled nonlinear macroscopic equations.