This paper presents an Organic Rankine Cycle (ORC) system model for heavy-duty diesel (HDD) applications. The dynamic, physics-based model includes: heat exchangers for parallel exhaust and EGR circuits, compressible vapor working fluid, distribution and flow control valves, a high pressure pump, and a reservoir. A finite volume method is used to model the evaporator, and a pressure drop model is included to improve the accuracy of predictions. Experimental results obtained on a prototype ORC system are used for model calibration and validation. Comparison of predicted and measured values under steady-state conditions is pursued first, followed by the analysis of selected transient events. Validation reveals the model’s ability to track real-world temperature and pressure dynamics of the ORC system. Therefore, this modeling framework is suitable for future system design studies, optimization of ORC power generation, and as a basis for development of control-oriented ORC models.