In this work, we investigate the transport phenomena in compound semiconductor material based buried channel Quantum Well MOSFET with a view to developing a simple and effective model for the device current. Device simulation has been performed in quantum ballistic regime using non-equilibrium Greens function (NEGF) formalism. The simulated current voltage characteristics using a novel concept of effective transmission coefficient has been found to define the reported experimental data with high accuracy. The proposed model has also been effective to capture the transport characteristics reported for other compound semiconductor material based field effect transistors. The concept of the proposed effective transmission coefficient and hence the model lends itself to be a simple and powerful device analysis tool which can be extensively used to predict the performance of a wide variety of compound semiconductor devices in the pre fabrication stage. It has also demonstrated consistency with device characteristics for doping concentration and channel length scaling. Thus the model can help the device or process engineers to tune the devices for the best possible performance.