Intravenous fluid infusion during surgeries is based on clinical practice guidelines. Many factors impact the fluid distribution in the body, mainly the effect of anesthetic gases and surgical stress. Volume kinetics is a method to simulate the distribution and elimination of infusion fluids by considering the dilution of plasma over time. In this work, two volume kinetic models for fluid therapy are described – the single and two-fluid space model. The goal was to estimate five volume kinetic parameters for implementation in a population kinetic model. The method was based on data from an experiment at the University of Texas Medical Branch where the purpose was to examine the effect of the anesthetic gas isoflurane on fluid distribution after a controlled bleeding. In this project, measured hemoglobin concentrations from the experiment were used to determine the plasma dilution over time. Volume kinetic models were constructed by approximating terms in corresponding differential equations. As opposed to the single-fluid space model, the two-fluid space model gave a closer estimation to the experimental data. The two-fluid space model parameters were considered to be suitable for further population kinetic analysis.