In this paper, a hybrid modeling approach is proposed to describe the dynamic behavior of the two phase flow condensers used in air-conditioning and refrigeration systems. The model is formulated based on fundamental energy and mass balance governing equations, and thermodynamic principles, while some constants and less important variables that change very little during normal operation, such as cross-sectional areas, mean void fraction, the derivative of the saturation enthalpy with respect to pressure, etc., are lumped into several unknown parameters. These parameters are then obtained by experimental data using least squares identification method. The proposed modeling method takes advantages of both physical and empirical modeling approaches, can accurately predict the transient behaviors in real-time and significantly reduce the computational burden. Other merits of the proposed approach are that the order of the model is very low and all the state variables can be easily measured. These advantages make it easy to be applied to model based control system design. The model validation studies on an experimental system show that the model predicts the system dynamic well.