The one-dimensional implementation of the Delayed Equilibrium Model (DEM) is known as a relatively simple yet accurate approach for prediction of critical mass flow rate, pressure and void fraction distributions for two-phase water transonic flows in ducts of variable geometry. However, the direct application of DEM equipped with original saturation index evolution law and Lockhart-Martinelli approach (the original setup) is incapable of accurate prediction of CO2 transonic flow. Moreover, the Darcy friction factor approach has a significant impact on the simulation results. Consequently, this paper presents a new law of the saturation index evolution and a new frictional pressure gradient approach for CO2 transonic two-phase flows together with experimental validation and discussion of obtained data. A comparative analysis of the developed DEM setup and the referential Homogeneous Equilibrium Model revealed that application of the proposed approaches decreases the mean maximal discrepancy between experimental and calculated static pressure values by a factor of app. 2, with simultaneous decrease of the standard deviation by a factor of app. 4. That proves that both the frictional pressure gradient approach and the proper introduction of the thermal non-equilibrium effects are substantial for accurate modelling of the flashing process in CO2 flows.