In this article, the filter performance characteristics of magnetic filters obtained by different physical models were compared. Performance models for magnetic filters were chosen based on the balance of forces and momentum that act on the captured particle, and on the collision efficiency of the particle with the filter matrix. The filter performance characteristics of the filtration systems are evaluated based on the magnitude of the external magnetic field, the rate of filtration, the variation of matrix element sizes, and captured particles. Three-dimensional variations of these characteristics were investigated. The experimental data from the literature for the different working conditions were used for comparing various models. The effect of filtration velocity and size variation of the captured particles on the magnetic filter performance over a wide range were evaluated using different models. As a result, a practical mathematical model with the exponential change of the system parameters was found to offer more possibilities to determine the magnetic filter performance. It was proposed that it is possible to determine whether the obtained filter performance models are valid either by making appropriate experiments or using the data in the literature as reference values.