A novel, integrated approach in thermal management of electronic products, based on two-phase cooling, is presented. A flat miniature heat pipe, integrated inside the laminated structure of a printed circuit board (PCB), has been developed, based on mainstream PCB multilayer technology. To accurately predict the thermal performance of this two-phase heat transport device and to establish the operational limitations, a numerical model based on control volume elements is discussed. The advantage of this modular approach, compared with, e.g., finite element models, is that the model can be expanded with additional components (e.g., multiple evaporators) very easily. Actual PCBs with several hot spots cooled by flat miniature heat pipes and their parameter effects can be analyzed very quickly, without the necessity of complex and time-consuming finite element analyses. Experimental verification has shown a good comparison with model predictions. Time evolution analyses show that the developed control volume model is well capable of describing the heat pipe transient behavior.