We compare two conceptually different stochastic microstructure models, i.e., a graph-based model and a pluri-Gaussian model, that have been introduced to model the transport properties of three-phase microstructures occurring, e.g., in solid oxide fuel cell electrodes. Besides comparing both models, we present new results regarding the relationship between model parameters and certain microstructure characteristics. In particular, an analytical expression is obtained for the expected length of triple phase boundary per unit volume in the pluri-Gaussian model. As a case study, we consider 3D image data which show a representative cutout of a solid oxide fuel cell anode obtained by FIB-SEM tomography. The two models are fitted to image data and compared in terms of morphological characteristics (like mean geodesic tortuosity and constrictivity) as well as in terms of effective transport properties. The Stokes flow in the pore phase and effective conductivities in the solid phases are computed numerically for realizations of the two models as well as for the 3D image data using Fourier methods. The local and effective physical responses of the model realizations are compared to those obtained from 3D image data. Finally, we assess the accuracy of the two methods to predict permeability as well as electronic and ionic conductivities of the anode.