In the one-dimensional thermal-hydraulic (TH) codes, a subcooled boiling model to predict the void fraction profiles in a vertical channel consists of wall heat flux partitioning, the vapor condensation rate, the bubbly-to-slug flow transition criterion, and drift-flux models. Model performance has been investigated in detail, and necessary refinements have been incorporated into the Safety and Performance Analysis Code (SPACE) developed by the Korean nuclear industry for the safety analysis of pressurized water reactors (PWRs). The necessary refinements to models related to pumping factor, net vapor generation (NVG), vapor condensation, and drift-flux velocity were investigated in this study. In particular, a new NVG empirical correlation was also developed using artificial neural network (ANN) techniques. Simulations of a series of subcooled flow boiling experiments at pressures ranging from 1 to 149.9 bar were performed with the refined SPACE code, and reasonable agreement with the experimental data for the void fraction in the vertical channel was obtained. From the root-mean-square (RMS) error analysis for the predicted void fraction in the subcooled boiling region, the results with the refined SPACE code produce the best predictions for the entire pressure range compared to those using the original SPACE and RELAP5 codes.