This paper presents a comparison between three numerical models developed for the structural analysis of composite precast concrete sandwich panels under lateral loading. The first model is based on a full finite element analysis where “slip” between the layers is obtained from the elastic deformability of the various components. The second model is based on a simplified finite element analysis where the effect of the shear connectors is smeared and modeled through an effective shear stiffness of the insulation layer. The third approach provides closed-form expressions for evaluating the deflection and is based on the classical sandwich beam theory where the shear connectors are considered through the effective stiffness of the insulation, similar to the second model. The structural response obtained from the three models was compared for various panel configurations and good correlation was obtained. A reasonable agreement with test results from the literature was also demonstrated. Therefore, both the simplified finite element model and the classical sandwich beam theory (closed-form solution) are recommended for the elastic structural analysis and for estimating the degree of composite action at the serviceability limit state of precast concrete sandwich panels.