This letter proposes an error vector magnitude (EVM) modeling and analysis approach for a 5G mm-wave device under test IC (DUT). This model incorporates the signal characteristics (e.g., bandwidth (BW), peak-to-average-power ratio (PAPR), and power level) and the system characteristics (e.g., intermodulation distortion (IMD) and amplitude modulation (AM–AM) <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$\ldots $</tex-math> </inline-formula> ). The proposed approach accurately captures the device’s performance under study (DUT) for different device settings. The model is data-aided and compared to different modeling techniques presented in the state of the art, where it proves to be accurate in predicting the performance of a 5G mm-wave system with below 0.5% EVM error and 0.7 dB error in power across BW. Since the model predicts the DUT performance, this approach can facilitate design efforts creating expectations for chip performance postfabrication.