The Low Frequency Instrument (LFI) is a radiometer array covering the 30-70 GHz spectral range on-board the ESA Planck satellite, launched on May 14th, 2009 to observe the cosmic microwave background (CMB) with unprecedented precision. In this paper we describe the development and validation of a software model of the LFI pseudo-correlation receivers which enables to reproduce and predict all the main system parameters of interest as measured at each of the 44 LFI detectors. These include system total gain, noise temperature, band-pass response, non-linear response. The LFI Advanced RF Model (LARFM) has been constructed by using commercial software tools and data of each radiometer component as measured at single unit level. The LARFM has been successfully used to reproduce the LFI behavior observed during the LFI ground-test campaign. The model is an essential element in the database of LFI data processing center and will be available for any detailed study of radiometer behaviour during the survey.