A Simulink based model for a centrifugal pump power estimation is proposed. The new model consists of the pump, pipeline, pressure regulation valve, fluid reservoir and metering equipment. The model is developed to provide the possibility of power calculation during both throttling and speed control. To evaluate the model, a series of tests have been conducted. Tests proved that the designed model is accurate at both the throttling and the speed control modes. The model can be useful for validating power consumption at the design stage of the centrifugal pump system development.