The paper presents equations of a mathematical model to calculate flow parameters in characteristic cross-sections in the steam-water injector. In the model, component parts of the injector (steam nozzle, water nozzle, mixing chamber, condensation wave region, diffuser) are treated as a series of connected control volumes. At first, equations for the steam nozzle and water nozzle are written and solved for known flow parameters at the injector inlet. Next, the flow properties in two-phase flow comprising mixing chamber and condensation wave region are determined from mass, momentum and energy balance equations. Then, water compression in diffuser is taken into account to evaluate the flow parameters at the injector outlet. Irreversible losses due to friction, condensation and shock wave formation are taken into account for the flow in the steam nozzle. In two-phase flow domain, thermal and mechanical nonequilibrium between vapour and liquid is modelled. For diffuser, frictional pressure loss is considered. Comparison of the model predictions with experimental data shows good agreement, with an error not exceeding 15% for discharge (outlet) pressure and 1 K for outlet temperature.