2-stage Rotary CO2 compressors are currently in use in refrigeration and heat pump applications, including occasionally including vapour injection. The need of correctly assessing the compressor’s efficiency by means of a computationally fast model arises for cycle performance prediction and optimization. In response, an innovation on an existing semi-empirical modelling approach has been introduced in this paper to describe 2-stage Rotary compressors. The model has been validated with experimental data of a CO2 compressor available in open literature, giving maximum errors of around ±3% for mass flow and ±1.82% for power prediction. Calibration of a simplified 1-stage model is also performed to analyse to which extent it is necessary to complexify the model, and to identify key or neglectable modelling elements. It is found that doing this increases the error of the compressor performance prediction. Model analysis has been done to identify the inefficiencies introduced by each physical effect considered.