The all-vanadium redox-flow battery is an attractive candidate to compensate the fluctuations of non-dispatchable renewable energy generation. While several models for vanadium redox batteries have been described yet, no model has been published, which is adequate for the aging prediction. Therefore, the present paper presents a multi-physics model which determines all parameters that are essential for an aging prediction. In a following paper, the corresponding aging model of vanadium redox flow battery (VRB) is described. The model combines existing models for the mechanical losses and temperature development with new approaches for the batteries side reactions. The model was implemented in Matlab/Simulink. The modeling results presented in the paper prove to be consistent with the experimental results of other research groups.