This paper presents results from system-level modeling of a water-based reactor cavity cooling system using RELAP5-3D. The computational model is benchmarked with experimental data from a half-scale RCCS test facility at Argonne National Laboratory. The model prediction is first compared with a two-phase oscillatory baseline experimental case where mixed accuracy is obtained. The model shows reasonable prediction of mass flow rate, pressure, and temperature but significant overprediction of void fraction. The model prediction is then compared with a fault case where the inlet of the risers is gradually reduced using a throttling valve. As the valve is closed, the model is able to predict some major flow phenomena observed in the experiment such as the dampening of oscillations, the reintroduction of oscillations, as well as boiling, flashing, and geysering in the risers. However, the timeline of these events are not well captured by the model. The model is also used to investigate the evolution of flow regime in the chimney. This work highlights that the semi-empirical constitutive relations used in RELAP-3D could have a strong influence on the accuracy of the model in two-phase oscillatory flows.