This thesis examines current modeling of lasers with the aim to justify the Traveling Wave Model (TWM) as the best alternative for an accurate laser model that is not too costly computationally. The goal is not just to have the best model but to have one that can be incorporated into a SPICE-like optical simulator for commercial application. After reviewing other models with specific attention paid to the classic Rate Equation Model (REM) and briefly overviewing the Transmission Line Model (TLM), it presents the TWM details. This model is compared with the REM and we discover that even with enhancements made to the REM once we require a more accurate and detailed model the TWM provides a simpler, more physical model that is computationally comparable and more easily refined.