Aeroelastic qualification requirements are typically met by sizing aircraft to achieve adequate stability margins and keep peak gust responses below specified thresholds. A possible alternative approach is delaying flutter and alleviating gust response by embedding dissipative materials into structural components. This approach requires accurate damping models applicable to the analysis of complex configurations. In this paper, the effect of damping models in the evaluation of flutter boundaries and gust response of an aeroelastic test-bed is studied. In particular, three damping models completely different in frequency are considered to model the presence of skin patches for passive aeroelastic control: viscous damping, hysteretic damping and Biot damping models. In order to make them comparable the three models are tuned in order to dissipate the same amount of power at the flutter frequency by means of the introduction and definition of a generalized loss factor. The damping models are compared by evaluating their effect on flutter suppression and gust load alleviation. Finally, the sensitiveness of the stability and response aeroelastic analyses to the considered damping models are outlined and the obtained results are compared to provide modeling recommendations for passive flutter suppression and gust alleviation studies. The proposed methodology is applicable to any linear material model for which the related complex stiffness can be expressed in the frequency domain meeting the Hilbert restriction.