Influence of chemical composition on the bandgap of AlGaInAs deposited on InP is often calculated using models for unstrained composition and then corrected for strain-induced bandgap energy changes using deformation potentials. This method relies on up to 25 coefficients, many of which are burdened with large uncertainty. In this paper, a large set of experimental data is used to verify the accuracy of existing approaches and to search for optimal deformation potentials. It is shown that the main source of inaccuracy is not the deformation potentials, but the unstrained bandgap formulas. Additionally, a novel model is proposed, yielding the highest accuracy on our dataset. For the first time, composition determination of a quaternary alloy on InP is reported using inductively coupled plasma-optical emission spectrometry, which is used as a benchmark for modeling.