This paper validates the modular multilevel converter (MMC) models, which are developed by two different institutes using PSCAD/EMTDC. The MMC uses a large number of power-electronic switching devices that operate independently. Modeling such converters with individual switches in an electromagnetic transient (EMT) simulation program leads to extremely slow runs, and hence seems to be impractical. To overcome this issue, MMC can be modeled as a detailed equivalent circuit. In this method, each MMC arm is represented by a Thévenin equivalent branch whose voltage and resistance are calculated at each time step, thus reducing the computational burden. The models have been developed by Yonsei University in South Korea and the Manitoba HVDC Research Centre in Canada based on this technique. The presented models include the detailed equivalent representation of each converter arm, corresponding controls, waveform generation, and cell capacitor balancing strategies. To validate overall performance and transient response of the model, a 7-level MMC-HVDC is modeled with individual switches and through the detailed equivalent circuit. As an example for a realistic system, a 201-level MMC-HVDC system is also simulated. The results demonstrate validity and compatibility of two MMC models.