The present study describes a steady-state phenomenological model for CO2 separation via reactive absorption into aqueous Diethanolamine (DEA) solution using a micro-porous Poly-propylene (PP) Hollow-Fiber Membrane Module (HFMM). The developed model is based on the fundamental mechanisms of molecular diffusion, bulk convection and liquid-phase chemical reaction, and simultaneously accounts for the consequences of ‘partial-wetting’ phenomenon. Furthermore, a physically-consistent wetting mechanism has been formulated assuming that the membrane pores may be modeled as a bundle of straight cylindrical capillaries with distinct radii (characterized by the membrane pore-size distribution) and equal lengths, while keeping in mind the various pore-scale micro-physical phenomena. Under the simplifying parameterizations of the Finite-Volume Method (FVM), the source-code for discretized equations was compiled and implemented using C++ Language for a co-current module operation with aqueous DEA solution flowing inside the fiber-lumen and CO2–N2 gaseous mixture passing through the shell-side. A Benchmarking Analysis revealed an excellent agreement between the model predictions and the experimental data reported in open-literature, thereby validating the current model formulation, and rendering it fundamentally relevant with respect to the wetting-phenomenon. In addition, the module performance in terms of CO2 flux, Overall Mass-Transfer Coefficient (MTC), and Removal-Efficiency, has been systematically analyzed pertaining to the physical influence of other operating variables such as absorbent concentration, hydrodynamics, pressure, temperature, and membrane characteristics. From a modeling standpoint, it may be concluded that the present model successfully captures various observations vis-à-vis the process of CO2 separation using micro-porous HFMMs, reported previously in the literature. Moreover, for a given gas-phase hydrodynamics, the current set of results suggest the existence of a unique liquid-phase hydrodynamic regime, bounded by a minimum and a maximum permissible pressure, under which the module can be effectively operated without any dispersive losses. Besides, the currently developed model has been demonstrated to explain the reduction in CO2 flux over time by allowing for morphological changes, including an enlargement in the average pore-size and a broadening of the pore-size distribution.