Chemical alterations of red blood cells (RBCs) during storage eventually affect the electrical properties of blood. In this study, the physiological parameters such as extracellular (SAGM + CPD + residual plasma) Na+, K+, Cl-, pH, 2,3-DPG and ATP together with the Cole-Cole parameters were measured using erythrocyte suspensions from 51 male donors (31 donors form the training set and 20 donors are used for testing), on the 0th, 10th, 21st, 35th and 42nd days of storage. During storage, while the surrounding fluid resistance (Re) and the effective cell membrane capacitance (Cm) increased progressively with time, the intracellular fluid resistance (Ri) has decreased. Storage of RBCs resulted in a rise in K+ and a fall in Na+, Cl-, pH, 2,3-DPG and ATP. Accordingly, electrical parameters were all correlated with Na+, K+, Cl-, pH and ATP at varying levels. By applying multi-regression analysis, it is concluded that Ri, Re and Cm are appropriate for modeling Na+, K+, Cl-, pH and ATP during storage.